Question

Best friends, todd and Alexis, each receive bonus checks in the same amount. They decide to use their bonuses toward a savings plan for the next world cup soccer event in Russia. todds plan is to start with $1050 in a jar and add $32 every year for 4 years. Alexis deposits $1050 into a savings account that pays 3.2% interest annually for 4 years

Answer 1

The total amount which Todd will have after 4 years is $1,178

The total amount which Alexis will have after 4 years is $1,184

1050 + 32(4)=

1050 + 128

= $1,178.

For Alexis

(P x T x R)/100

(1050 x 4 x 3.2)/100

=13400/100

=$134 interest after 4 years.

Therefore, 1050 + 134

=$1,184.