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