Question

30 POINTS!!!!!!!! JoeNah, DeKobian and Evan wrote equations to calculate the amount of money in a savings account after one year with 5% interest paid annually on an investment of dollars. Let B represent the balance of money saved.

JoeNah’s Equation: B = 1.5

DeKobian's Equation: B = + 0.05

Evan's Equation: B = (1+0.05)

The three students decided to see if their equations would give the same answer by using a $100 balance. Find the total amount of money in the savings account using each student’s equation. Show your work

Answer 1

Answer:

See the explanation for the answer to this question

Step-by-step explanation:

Let

B ---> the balance of money saved.

M ---> the amount invested in dollars

JoeNah's Equation

M=$100

$B=1.5(100)=\ 150$

Dekobian's Equation

M=$100

$B=100+0.05(100)=\ 105$

Evan's Equation

M=$100

$B=M(1+0.05)$

Substitute

$B=100(1+0.05)=\ 105$

Dekobian's equation and Evan's equation are correct! :)

JoeNah's equation is wrong. :(

Hope this helps you!

Have a good evening!