John, Sally, and Natalie would all like to save some money. John decides that it
would be best to save money in a jar in his closet every single month. He decides
to start with $300, and then save $100 each month. Sally has $6000 and decides
to put her money in the bank in an account that has a 7% interest rate that is
compounded annually. Natalie has $5000 and decides to put her money in the
bank in an account that has a 10% interest rate that is compounded continuously.
(1pt) What type of equation models John’s situation?
(1pt) Write the model equation for John’s situation
(1pt) How much money will John have after 2 years?
(1pt) How much money will John have after 10 years?
(1pt) What type of exponential model is Sally’s situation?
(2pt) Write the model equation for Sally’s situation
(1pt) How much money will Sally have after 2 years?
(1pt) How much money will Sally have after 10 years?
(1pt) What type of exponential model is Natalie’s situation?
(2pt) Write the model equation for Natalie’s situation
(1pt) How much money will Natalie have after 2 years?
(1pt) How much money will Natalie have after 10 years?
(2pts) Who will have the most money after 10 years?