A student's parents offer him one of two options to receive scholarship money for college. Option A: Deposit $25,000.00 into his savings account and then add an additional $750.00 each day for 30 days or Option B: Deposit $0.01 into his savings account and then triple that amount each day for only 14 days When rounded to the nearest cent, how much money is deposited into his savings account on the last day (day 30) for Option A, and how much is deposited into his savings account on the last day (day 14) for Option B? If the student keeps only what is deposited on the last day, which option should he choose?

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Jeffrey Mckee

11 March, 02:58

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Molly · Answer 1

The student should choose option B that is only $7,085.88 if rounded to the nearest cents it would be $7,085.90