Leroi and Sylvia both put $200 in a savings account. Leroi decides he will put in an additional $40 each week. Sylvia decides to put in an additional 20% of the amount in the account each week. Who has more money after the first deposit? second?, and third?

Mathematics · Middle School · Tue Nov 03 2020

Answered on

Amount put by both leroi and sylvia = $200

Additional amount put by leroi each week = $40

So, amount after 1st deposit in leroi's account = $200 + $40

= $240

Now, 20% of $200 = 200/100 × 20

= 40

So, amount in sylvia's account after 1st = $(200 + 40)

= $240

Amount in leroi's account after 2nd deposit = $(240 + 40)

= $280

Now, 20% of 240 = 240/100 × 20

= $48

So, amount in sylvia's account after 2nd deposit = $240 + $48

= $288

Now, Amount in leroi's account after 3rd deposit = $(280 + 40)

= $320

Now, 20% of 288 = 288/100 × 20

= $57.6

So, amount in sylvia's account after 3rd deposit = $288 + $57.6

= $345.6