Question

You start with $575 in your bank account and deposit $60 each month. Write a linear or exponential equation

Answer 1

A linear equation can be used to represent the situation where a fixed amount is added to the original balance each month. The equation would have the form:

y = mx + b

where x is the number of months, y is the balance in the bank account, m is the monthly deposit amount, and b is the initial balance. In this case, we have:

y = 60x + 575

This equation can be read as: "The balance in the bank account (y) is equal to 60 dollars (m) added to the account each month (x), plus the initial balance of 575 dollars (b)."

An exponential equation can also be used to represent the situation where the balance in the bank account increases by a fixed percent each month, it would be:

y = a(1+r)^x

Where a is the initial amount, r is the interest rate and x is the number of months.

Explanation: