Suppose Jessica opens a savings account with $5000 that compounds interest daily. The APR at the time Jessica opens the account
1 answer:
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Answer:
The correct answer is the last option, that is,
Step-by-step explanation:
We have been given that the first runner has $112 in savings, received a $45 gift from a friend, and will save $25 each month. Therefore, amount of money in the account of first running after m months will be:
We have been given that the second runner has $50 in savings and will save $60 each month. Therefore, amount of money in the account of second running after m months will be:
In order for amount of money to be equal in accounts of both the runners, we set up:
Upon rewriting the left hand side using commutative law, we get:
Therefore, we can see that the last option is the correct answer.