Answer:
The correct answer is 104.55
Step-by-step explanation:
From the given information we can write,
Principle amount = 100
To find the amount after 10 years in plan A
Now total = 100
Under plan A increase his account balance by 20.00 per year
Amount increased = 10 *20 = 200
Total = 100 + 200 = 300
To find the amount after 10 years in plan B
Total = 100
Amount after 10 yeras = 100[1 + 15/100]¹⁰
= 100 * 1.15¹⁰ = 100 * 4.04 = 404.55
To find the difference
Difference = 404.55 - 300
= 104.55
The correct answer is 104.55
