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. Who has more money after the first additional deposit

Answer 1

Answer:

both will have the same amount in the account after the first additional deposit

Step-by-step explanation:

Amount put by both Leroi and Sylvia in a savings account = $300

Additional amount to be put by Leroi = $60

Additional amount to be put by Sylvia = 20% of the amount in account

Now,

After the first deposit

amount in Leroi's account = $300 + $60 = $360

Amount in Sylvia's account = $300 + 20% of $300

= $300 + 0.20 × $300

= $300 + $60

= $360

Hence, both will have the same amount in the account after the first additional deposit