Solve the Problem $\$ 772.56 ; \$ 1079.28$ Andy $\$ 900.78 ; \$ 1467.27$

question 96

Multiple Choice

Solve the problem.
-Kerry invests $553 in a savings account that earns 3.4% compounded annually. Andy invests $553 In a savings account that earns 5% compounded annually. How much is in each of their accounts After 10 years and after 20 years?

• A) Kerry: \(\$ 772.56 ; \$ 1079.28\)
• Andy: \(\$ 900.78 ; \$ 1467.27\)
• B) Kerry: \(\$ 747.15 ; \$ 1043.80\)
• Andy: \(\$ 857.88 ; \$ 1397.40\)
• C) Kerry: \(\$825.98; \$825.98\)
• Andy: \(\$ 993.11 ; \$ 993.11\)
• D) Kerry: \(\$ 722.59\); \(\$ 944.18\)
• Andy: \(\$817.03; \$1207.13\)

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Definitions:

Gasoline

A flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.

Price Elasticity

An assessment of demand's elasticity regarding the pricing changes of a specific product.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices, holding all else constant.

Cost Function

An equation that calculates the total cost incurred by a company to produce a specific quantity of a good or service.