Mark's initial amount = $33000
Mark invest's his inheritance amount in savings account with an annual interest of 2.7%; so Mark's interest amount after 1 year is given by:
Interest = principal amount x rate x time
Interest = 33000 x 0.027 x 1
= 891
Therefore, total amount Mark will have after 1 year:
33000 + 891 = $33891
Now, Charles also has $33000 from his inheritance.
Charles invests his inheritance in a CD paying 5.2% annually; therefore, interest amount for Charles after 1 year is:
Interest = principal amount x rate x time
Interest = 33000 x 0.052 x 1
= 1716
Charles's total amount after 1 year:
33000 + 1716 = $34716
Finally, Charles will have $34716 - $33891 = $825 more than Mark.
