Question

In January, you deposit $150 into your checking account. Every month after that, you deposit 10% more than you did the month before. How much did you deposit in August A)$1432.08

B)$1715.38
C)$265.74
D)$292.31

Answer 1

You add 10% each month, from January to August. So, your deposit each month is 1.1 times the previous month. So:
1x1.1x1.1x1.1x1.1x1.1x1.1x1.1= (1.1)^7= 1.9487171 x 150=$292.31
☺☺☺☺

Answer 2

D) $292.31

Explanation:

in january,we deposit $150

in february ,we deposit 110×150/100

=1.1×150

in march, we deposit 1.1×1.1×150

in april, we deposit 1.1×1.1×1.1×150

...

in august we deposit

`(1.1)^(7) 150`

=$292.31