Problema Solution

Levi deposits $500 into a savings account that earns interest compounded anually. Let "r" br the annual interest rate. After two years, the balance from the first deposit is given by the polynomial 500+1000r+50r*. A year after making the first deposit, levi makes another deposit. A year later, the balance is 600+600r. Find the balance of the accounts combined in terms of r after 2 years

Answer provided by our tutors

After two years the total balance combined will be = the balance from first deposit after two years + the balance from the second deposit after one year = 500+1000r+50r*+ 600+600r

= 50r*+1600r+1100