Question

Question 14 (1 point)

Larry deposits $15 a week into a savings account. His balance in his savings account grows by
a constant percent rate.

Answer 1

Explanation:

I don't think it really does grow by a constant rate. As he puts money in, the amount he puts in becomes less significant to the total.

Suppose he starts at 100 dollars.

After week one, he puts in 100 + 15 = 115 dollars.

The 15 dollars represents an increase of 15/100

After the second week, he puts in another 15 dollars. He has 115 in there already.

(15/115) * 100% = 13.04%

After the third week, he puts in another 15 dollars. (15/130 ) * 100% = 11.53

And so one