Question 1030966: Level 3: My little sister, Savannah, is three years old. She has a piggy bank that she wants to fill. She started with five pennies and each day when I come home from school, she is excited when I give her three pennies that are left over from my lunch money. I’m more sophisticated than my little sister so I save my money in a bank account that pays me 3% interest on the money in the account at the end of each month. (If I take my money out before the end of the month, I don’t earn any interest for the month.) I started the account with $50 that I got for my birthday. Create an equation that models each situation, determine if it is linear, quadratic, or exponential and then describe whose money will grow the fastest.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! My little sister, Savannah, is three years old. She has a piggy bank that she wants to fill. She started with five pennies and each day when I come home from school, she is excited when I give her three pennies that are left over from my lunch money.
Sister's Equation:: V(d) = 0.05 + 0.03d :::::linear:: Note that d = # of days
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I’m more sophisticated than my little sister so I save my money in a bank account that pays me 3% interest on the money in the account at the end of each month. (If I take my money out before the end of the month, I don’t earn any interest for the month.) I started the account with $50 that I got for my birthday.
Your Equation: V(m) = 50(1+(0.03)^m:::::: exponential::Note that d = # of months
Create an equation that models each situation, determine if it is linear, quadratic, or exponential and then describe whose money will grow the fastest
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Your money growns faster because it is compounded.
Cheers,
Stan H.
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