Moe and Joe are twins. Moe invested $1,000, earned 9% annually, and now has $1,992.56. Joe invested $1,000, earned 6.47%, and now has $1,992.97. Joe invested his money _____ years
Before Moe.

Question

Quizplus · Accepted Answer

The correct answer is C.Moe's investment earned 9% annually, and he now has $1,992.56. This means that he has earned $992.56 in interest.Joe's investment earned 6.47% annually, and he now has $1,992.97. This means that he has earned $992.97 in interest.Since Moe has earned more interest than Joe, he must have invested his money for a longer period of time.To find out how many years longer Moe invested his money for, we can use the following formula:Interest = Principal * Rate * TimeFor Moe, we have:$992.56 = $1,000 * 9% * TimeSolving for Time, we get:Time = 11 yearsFor Joe, we have:$992.97 = $1,000 * 6.47% * TimeSolving for Time, we get:Time = 14 yearsTherefore, Moe invested his money for 14 - 11 = 3 years longer than Joe.

Moe and Joe Are Twins