Question

Imagine you are four years old. A rich aunt wants to provide for your future. She hasoffered to do one of two things.Option 1: She would give you $1000.50 a year until you are twenty-one.Option 2: She would give you $1 this year, $2 next year, and so on, doubling the amounteach year until you were 21.

Answer 1

For option 1:

Let:

y = Total money

t = Number of years

We can model the 1st option as:

`y=1000.5t`

Since you are 4 years old and she will give you money until you are 21, then:

`\begin{gathered} t=21-4=17 \\ y=1000.5(17) \\ y=17008.5 \end{gathered}`

You will have $17008.5 for the 1st option.

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For option 2: