The answer is 2,444444444444444
Answer:
Option 2
Step-by-step explanation:
Let's say that Phalicia opens her savings account one year (12 months) before she goes to college.
With Option 1, she would have saved 300 + 50 * 11 = $850. We do 50 * 11 and not 50 * 12 because she deposits $50 for 11 months, not 12.
With Option 2, she would have saved 5 * 3¹¹ = $885735. Note that we do 3¹¹ and not 3¹² because 5 is being tripled 11 times.
Obviously, she should choose Option 2 because she saves A LOT more money.
Additionally, we can notice that Option 1 is an example of an arithmetic sequence whereas Option 2 is an example of a geometric sequence. Their explicit formulas would be aₙ = 50n + 250 and aₙ = 5 * 3⁽ⁿ⁻¹⁾ respectively.
Kacie has a balance of $10,000 on a loan with an annual interest rate of 8%. To pay off the $10,000 in four years, Kacie will have to make a minimum payment is $244.13 per month. How much will kacie pay in interest over the four year period?
A.) $1.088.20
B.) $1,718.24
C.) $2,971.99
D.) $11,718.24
