The difference in the amount invested by Ricardo and Mia can be found by calculating f(0) - g(0), where f(x) represents Ricardo's investment and g(x) represents Mia's investment.
Given that the compounded interest rate is 2%, we can write the functions as follows:
f(x) = initial deposit * (1 + 0.02)^x
g(x) = initial deposit
Since we are looking for the difference at the time of the initial deposit, x = 0.
Therefore, we need to find f(0) - g(0):
f( 0) = initial deposit * (1 + 0.02)^0 = initial deposit * 1 = initial deposit
g(0) = initial deposit
Thus, f(0) - g(0) = initial deposit - initial deposit = 0
Therefore, at the time of the initial deposit, Ricardo did not invest more than Mia.
Ricardo and Mia invested money in a bank with a compounded interest of 2%. Ricardo's investment is modeled by f (x) and Mia's investment is modeled by g (x). At the time of the initial deposit, how much more did Ricardo invest than Mia?
$50
$75
$80
$130
1 answer
1 answer