Answer:
Examining the total amount of money put into the accounts, and the results in
the tables on the following page, we make the following observations.
Monique’s parents’ put $100 into her account every year for 6 years, which is a
total of $100 × 6 = $600. At the end of 15 years, she had $2000 in her account,
which means her account earned a total of $2000 − $600 = $1400 in interest over
15 years.
Tyrel’s parents put $100 into his account every year for 10 years, which is a total
of $100 × 10 = $1000. At the end of 15 years, he had $1752 in his account, which
means his account earned a total of $1752 − $1000 = $752 in interest over 10
years.
Clearly, Monique’s parents had the better savings strategy. Even though her
parents put only $600 into her account in the first 6 years, her account earned
significantly more interest because the money was in the account for a longer
period of time.
Explanation: