Solve.The simple interest rate on a savings account is 3% higher than the simple interest rate on a checking account. After one year the interest earned on a deposit in the checking account is $40 and the interest earned on a deposit in the savings account is $80. Find the interest rate for each account.
A. The interest rate on the checking account is 4% and the interest rate on the savings account is 7%.
B. The interest rate on the checking account is 1% and the interest rate on the savings account is 4%.
C. The interest rate on the checking account is 3% and the interest rate on the savings account is 6%.
D. The interest rate on the checking account is 2% and the interest rate on the savings account is 5%.
Answer: C
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