IXL | Compare savings options

Jaylen is saving to buy a new snowboard. He is thinking about earning more money by shoveling snow. Which of these is true?

An advantage of earning money by shoveling snow is that Jaylen will be able to afford the snowboard sooner.

A disadvantage of earning money by shoveling snow is that Jaylen's bank will charge him interest on the money he earns.

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question

Barry wants to buy a new gaming system that costs $362. He doesn't have any savings now, so he thinks of two plans to save money for the gaming system.

Plan A: Save $17 each week for 21 weeks. Put the money in a savings account and earn $6 in interest.
Plan B: Save $18 each week for 20 weeks. Keep the money at home.

Which plan should Barry follow to save enough money to buy the gaming system?

Plan A

Plan B

key idea

The money you keep in a savings account earns interest. Interest is additional money you can earn for allowing the bank to use your money.

solution

Barry wants to buy a new gaming system that costs $362. Find which plan will save enough money.

Find how much money Barry will save with Plan A.

Plan A is to save $17 each week for 21 weeks. He will earn $6 interest in a savings account. First, multiply $17 by 21.

357

Then, add $6 interest.

357

363

Barry will save $363 if he follows Plan A. That is enough money to buy the gaming system.

Find how much money Barry will save with Plan B.

Plan B is to save $18 each week for 20 weeks and keep the money at home. Multiply $18 by 20.

360

Barry will not earn interest on money he keeps at home. So, Barry will only save $360 if he follows Plan B. That is not enough money to buy the gaming system.

Barry should follow Plan

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