Question

Leo is looking at two different savings plans. The first plan requires an initial deposit of $500 and grows at an annual interest rate of 2.5%. The second plan requires an initial deposit of $400 and interest grows continuously at a rate of 2% per year. Leo wrote a system of equations to represent the account balance of either plan, y, after x years. Which two equations are part of the system?

Answer 1

Answer:

3rd Option and 4th Option

Step-by-step explanation:

Note: The options to the question is attached as picture below

1st case

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

2nd case

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

Answer 2

Answer: 3rd and 6th option.

Step-by-step explanation: