Money was placed in a savings account and earned 3/4 % interest paid annually. Samantha, Tony and Anuyia each wrote an equation to show the amount of money in the account after one year with a balance of M dollars. T represents the total amount of money in the account.
Samantha’s Equation: T = 1.075M
Tony’s Equation: T = M + 0.0075M
Anuyia’s Equation: T = M(1 + 0.0075M)
Since none of the equations were written the same, they decided to see if their equations would give the same answers by using a $75 balance. Solve this problem using each student’s equation. Show your work. You may use a calculator for this part of the assessment. Show your work to receive full credit.