Question

Leroi and Sylvia both put $300 in a savings account. Leroi decides he will put in an additional $60 each week. Sylvia decides to put in an additional 20% of the amount in the account each week. Complete the sentence to answer the question.

Answer 1

Answer: See explanation

Explanation:

Here is the remainder of the question:

a. Who has more money after the first additional deposit? Explain.

b. Who has more money after the second additional deposit?

a. Amount put in savings account = $300

Leroi's amount after first week = $300 + $60 = $360

Sylvia's amount after first week = $300 + (20% × $300) = $300 + (0.2 × $300) = $300 + $60 = $360

They both have equal amount after the first week.

b. After the second deposit,

Leroi's saving = $360 + $60 = $420

Sylvia's saving = $360 + (20% × $360) = $360 + $72 = $432

Sylvia has more savings after the second week