A student's parents offer him one of two options to receive scholarship money for college Option A Deposit 55,000.00 into his savings account and then add an additional $1,500.00 each day for 30 days
of
Option B Deposit $2.00 into his savings account and then double that amount each day for only 15 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 15) for Option B? If
the student keeps only what is deposited on the last day, which option should he choose?
Option A Versus Option B
Option A
Option B
Day Amount Deposited Day Amount Deposited
S5 000.00
0 52.00
1
56 500 00
1 $4.00
58.000.00
2 88.00
OA-550.000.00, B - 532 770.00: A because he receives 517 230 00 more
DA = 550 000.00 B - 565.536 00. B. because he receives S15,536 00 more
A $45.000,00 B-565,536.00. B because he receives 520 536.00 more
A-545 000 00 B - 532 770.00. A because he receives S12 230 00 more