A company is starting a scholarship fund for its employees. The company will
add to the fund on a yearly basis. Each year, it will increase the amount added
to the fund the previous year by 10%. The amount in the scholarship fund
after 4 years is $2,552.55.
Part A
To the nearest dollar, how much did the company add to the scholarship fund
in the first year?
A $182 B $550 C $742 D $2,298
Part B
If the company decided to change the amount added the first year to $1,000
and then increase the amount added by 10% each year, what would be the
average amount of whole dollars per year added to the fund over the first 10
years?
