Final answer:
Adam's rate of savings is higher because he saves $200 per week, which totals $800 in a month, compared to Shane's $150 per month. We cannot determine who started with the most money without additional information. Starting to save money early and using compound interest can significantly increase savings over time.
Step-by-step explanation:
When comparing the rate of savings between Adam and Shane to see who can save the most money in one month, we must look at how much each person saved during the same time period. Statement C says that Adam saved $200 in one week, while Shane saved $150 in one month. Therefore, if we extrapolate Adam's savings over a month (assuming he saves the same amount each week), Adam would have saved $800 in a month ($200 per week x 4 weeks), which is a higher rate of savings compared to Shane's $150 in one month.
For Part B of the question, there is no provided information about who had the most money at the start of the month between Adam and Shane. Therefore, based on the information given, we cannot determine who started with the most money.
If you start saving money early and utilize the power of compound interest, you can significantly increase your savings over time, as illustrated by the example of saving $3,000 at a 7% annual return for 40 years, resulting in $44,923.