A student's parents offer him one of two options to receive scholarship money for college.
Option A: Deposit $10,000.00 into his savings account and then add an additional $750.00 each day for 30 days
or
Option B: Deposit $1.00 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
0 $10,000.00 0 $1.00
1 $10,750.00 1 $2.00
2 $11,500.00 2 $4.00
