Question

1
select the correct answer from each drop - down menu.
elwood invested $5,000 in a money market account and has been tracking its progress. he found that after 3 years, the account held $7,100 and after 8 years, the account held $10,350.
use this information to complete the statements.
over the first 3 years, the value of the account increased at over the last 5 years. over the entire 8 years, the value of the account increased at an average rate of approxi

the same rate per year as
a faster rate per year than
a slower rate per year than

Explanation:

Step1: Calculate rate for first 3 years

The initial amount is $5000, after 3 years it's $7100. The increase is $7100 - $5000 = $2100. The rate per year is $\frac{2100}{3} = 700$ dollars per year.

Step2: Calculate rate for last 5 years

After 3 years it's $7100, after 8 years (so 5 years later) it's $10350. The increase is $10350 - $7100 = $3250. The rate per year is $\frac{3250}{5} = 650$ dollars per year.

Step3: Compare the two rates

Since 700 > 650, the rate for the first 3 years is faster than the last 5 years.

Answer:

a faster rate per year than