Question

Leroi and Sylvia both put $200 in a savings account. Leroi decides he will put in an additional $40 each week. Sylvia decides to put in an additional 20% of the amount in the account each week. Who has more money after the first deposit? second?, and third?

Answer 1

First deposit - Same amount

Second deposit - Sylvia

Third deposit - Sylvia

Explanation:

Leroi put $200 in their account. They will add $40 every week.

Deposit 1: $240

Deposit 2: $280

Deposit 3: $320

Sylvia put $200 in their account. They will add 20% of the amount in the account each week.

Deposit 1: $240 (20% of $200 is $40)

Deposit 2: $288 (20% of $240 is $48)

Deposit 3: $345.60 (20% of $288 is $57.60)

So, Sylvia and Leroi have the same amount of money in their accounts after the first deposit. After the second and third deposit, Sylvia has more money.