Reed Mejia
06/10/2024 · Elementary School
5. Gayla and Corey are both 35 years old but have been investing different amounts of money for different lengths of time. - Gayla saved \( \$ 15 \) each month for 12 years at an average annual interest rate of \( 3.6 \% \), compounded monthly, until she was 25 . Then she reinvested the entire amount at \( 3.8 \% \), compounded monthly, for 10 years. - Corey has been depositing \( \$ 18 \) each month, for the past 10 years, into a savings account that earns an average annual interest rate of \( 3.8 \% \), compounded monthly. a) How much did each woman invest altogether? b) Predict who has the greater savings. Explain your prediction, and then verify it.
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Gayla's total savings after 22 years is approximately \( \$3511.56 \), and Corey's total savings after 10 years is approximately \( \$2448.00 \). Gayla has more savings due to a longer investment period and compound interest.
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