a 20 - year - old man started depositing $1,000 a year into a savings account at 3% interest. his cousin…

a 20 - year - old man started depositing $1,000 a year into a savings account at 3% interest. his cousin started saving $2,000 per year in a savings account in the same bank when she was 40 years old. both accounts earned the same rate of interest. today, the cousins are 60 years old. assuming neither one made any withdrawals from their accounts, which account has the most money?\nboth accounts have the same amount of money.\nthe cousins account has more money.\nthe mans account has more money because she deposited more money.\nthe mans account has more money because his money earned interest for a longer period of time.\nthe mans account has more money because he deposited more money.

a 20 - year - old man started depositing $1,000 a year into a savings account at 3% interest. his cousin started saving $2,000 per year in a savings account in the same bank when she was 40 years old. both accounts earned the same rate of interest. today, the cousins are 60 years old. assuming neither one made any withdrawals from their accounts, which account has the most money?\nboth accounts have the same amount of money.\nthe cousins account has more money.\nthe mans account has more money because she deposited more money.\nthe mans account has more money because his money earned interest for a longer period of time.\nthe mans account has more money because he deposited more money.

Answer

Explanation:

Step1: Calculate the man's deposit - years

The man started at 20 and is 60 now, so he saved for $60 - 20=40$ years. He deposits $1000$ per year, so the total principal he deposited is $1000\times40 = 40000$.

Step2: Calculate the cousin's deposit - years

The cousin started at 40 and is 60 now, so she saved for $60 - 40 = 20$ years. She deposits $2000$ per year, so the total principal she deposited is $2000\times20=40000$.

Step3: Analyze the interest - earning time

The man's money has been in the account and earning interest for 40 years, while the cousin's money has been earning interest for 20 years. With the same interest rate and the same total principal amount, the man's money has been earning interest for a longer time.

Answer:

The man's account has more money because his money earned interest for a longer period of time.