Argyle has $1000 in his savings account.

He wants to save more money. He's looking to investment plans. Under plan a, he will increase his account balance by $300 a year. Under Plan B, he will increase his account balance by 15% each year. How much more when he say with Plan B after 10 years?

The question is incomplete:

Argyle has $1000 in his savings account.

He wants to save more money. He's looking to investment plans. Under plan a, he will increase his account balance by $300 a year. Under Plan B, he will increase his account balance by 15% each year. How much more will he save with Plan B after 10 years?

Answer:

$45

Step-by-step explanation:

First, let's determine the amount he will have after 10 years with plan A:

$1,000 + ($300*10) = $1,000+$3,000 = $4,000

Then, to determine the amount Argyle will have after ten years under plan B you can use the following formula:

FV = PV (1+i) ^n

FV = future value

PV = present value = 1,000

i = interest rate = 15%

n = number of periods = 10

FV = 1,000 * (1+0.15) ^10

FV = 1,000*4.045

FV = 4,045

Now, you have to find the difference between the amounts you will get with each plan:

4,045-4,000 = $45

Argyle will save $45 more with Plan B after 10 years.