Leo is looking at two different savings plans. The first plan requires an initial deposit of $500 and grows at an annual interes
2 answers:
Answer:
3rd Option and 4th Option
Step-by-step explanation:
Note: The options to the question is attached as picture below
<u>1st case</u>
Initial deposit (P) = 500
Annual interest rare (r) = 2.5%
Account balance after x years, y = P(1+r/100)×
y = 500(1+2.5/100)×
y = 500(1+0.025)×
y = 500(1.025)× ----- 3rd option
<u>2nd case</u>
Initial deposit (P) = 400
Annual interest rare (r) = 2%
Account balance after x years, y = P(1+r/100)×
y = 400(1+2/100)×
y = 400(1+0.02)×
y = 400(1.02)× ---- 4th option
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