Question

suppose you were given $600 from your uncle. you deposit that money in a bank and added $60 per month.write an equation to model how much money you have deposit after m months. let s be the amount you have deposit.what 1-variable equation would you solve to figure out how many months it would take to save $10,000 dollars?How many months would it take to save $10,000?

Answer 1

Let s be the total amount you have deposit and m the number of months. Then we can model the amount as:

$s=km+b$

where k is the deposit each month and b is the initial deposit; in this case we have that k=60 and b=600, therefore the equations that models the amount you have is:

$s=60m+600$

Now, the equation you have to solve to figure how many months you need to get 10000 is:

$60m+600=10000$

Solving for m we have that:

$\begin{gathered} 60m+600=10000 \\ 60m=10000-60 \\ 60m=9940 \\ m=\frac{9940}{60} \\ m=165.67 \end{gathered}$

Therefore, it will take 166 months to save $10000.