Argyle has $1000 in his savings account. He wants to save more money. He is

looking at two investment plans. Under plan A, he will increase his account balance

by $200 a year. Under plan B, he will increase his account balance by 15% each year.

How much more will he save with Plan B after 10 years?

A) $1,046

B)$459

C)$131

D)$11

Question

08-04-2020
Mathematics

contestada

Argyle has $1000 in his savings account. He wants to save more money. He is

looking at two investment plans. Under plan A, he will increase his account balance

by $200 a year. Under plan B, he will increase his account balance by 15% each year.

How much more will he save with Plan B after 10 years?

A) $1,046

B)$459

C)$131

D)$11

Respuesta :

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sophiaesmeraldita sophiaesmeraldita · Answer 1 · 2020-04-08T22:31:42+02:00

You would use the formula P(1+r/n)^nt=A I explained it in the picture and if the number is growing it is 1+r/n and if it’s not it is 1-r/n. Also if you don’t know the formula you can do it year by year which I also showed but it will take a long time and it’s easy to make a mistake. The answer would be A because if you plug the numbers into the formula you will get 4045.56 for plan b then you subtract 3000 and round, getting 1046. It is the formula of exponential growth/decay if you want to research further.