$1150 per month
• To find out how much Fatimah will be putting in per month in September 2024, we need to first determine the pattern of her monthly contributions.
• Starting from May 2014, Fatimah puts $250 per month into her retirement account. Every January and July, she increases her monthly contribution by $50.
Let's break it down step by step:
STEP 1: Identify the months that have a contribution increase:
- January: Starting from January 2015, and every January thereafter, she increases her contribution.
- July: Starting from July 2015, and every July thereafter, she increases her contribution.
STEP 2: Determine the increase in monthly contribution:
- In January, she increases her monthly contribution by $50.
- In July, she increases her monthly contribution by $50.
STEP 3: Calculate the number of increase periods until September 2024:
- The increase periods are from May 2014 to September 2024, excluding the month of September 2024.
Let's count the number of increase periods for January:
- January 2015 to January 2024:
- Number of years: 2024 - 2015 = 9 years.
- Number of increases: 9 • 1 = 9 increases.
- Total increase for January: 9 • 50 = 450
And now the number of increase periods for July:
- July 2015 to July 2024:
- Number of years: 2024 - 2015 = 9 years.
- Number of increases: 9 • 1 = 9 increases.
- Total increase for July: 9 • 50 = 450
4. Calculate the current monthly contribution in September 2024:
- Base monthly contribution: $250.
- Total increase for January: $450.
- Total increase for July: $450.
- Total contribution increase: 450 + 450 = 900
- Current monthly contribution in September 2024: 250 + 900 = $1150
Therefore,
Fatimah will be putting $1150 per month into her retirement account in September 2024.