Question

Nancy’s parents gave her $200 to start her savings account. After 5 months of saving, Nancy has $350 in her account. What is the rate of change of the amount of money in her account each month?

Answer 1

Current Amount = Starting Amount (1 + rate of change)^number of months
350 = 200 ( 1 + r)^5
350/200 = (1+r)^5
sqrt5 (350/200) = 1+r
sqrt5 (350/200) - 1 = r

Answer 2

30 dollars every month

200+ 5x = 350

X=30