2. Your grandparents give you two options to invest money for your future. The first option is toput $10,000 into an account and add $2000 each year for 25 years (the initial $10,000 doesn’tcount as a year). The second option is to put $3 into an account and double the amount in theaccount each year for 14 years (the initial $3 doesn’t count as a year). Which option wouldresult in a greater sum of money and by how much?3. The population of a certain species of bacteria doubles every hour. Use the followingexponential population equation to determine the amount of time it would take a population of1 bacteria to grow to 1024. = 0(2)^t

Accepted Solution

AnswerOption 1 by $10,851.Step-by-step explanation:The second option is  a geometric series with first term 3 and common ratio. 2.Amount in the account after 14 years = 3 * (2^14) - 1)  / (2 - 1)=  $49.149The second option: the amount after 25 years will be 10,000 + 25(2000)=  60,000.So the first option results in more money .It is 60,000 - 49,149 - $10851.