Question

Leroi and Sylvia both put $100 in a savings account. Leroi decides he will put in an additional $10 each week. Sylvai decides to put in an additional 10% of the amount in the account each week. Who has more money after the second deposit?

Answer 1

Since 10% of $100 so 100(0.10) = 10, they both make an additional deposit of $10. So, they have the same amount of money after the first additional deposit.

After the first additional deposit, Leroi has 1110+ 10 = $120. Sylvia has 110 + 0.10(110) = 110 + 11 = $121. So she has more money after the second deposit.

Sylvia will continue to have more money after a month and a year since 10% of the balance is going to be greater than the $10 deposit that Leroi is making.