Question

Malik would like to buy a house. His dream house is in a very affluent Black community in Los Angeles. He needs a $30,000 down payment. He has $10,000 in the bank. Each week thereafter, he deposits $1200 into the account. Write a formula to represent this sequence.

Answer 1

Malik’s savings plan is represented using the formula S = $10,000 + $1,200n, where ‘S’ is the total savings and ‘n’ is the number of weeks. He would approximately need 17 weeks to save up for the $30,000 down payment.

Step-by-step explanation:

To represent Malik’s savings plan as he works towards the down payment for his dream house, we can create a formula that captures the progression of his savings over time. Malik starts with $10,000 and deposits $1,200 every week. Let's denote ‘S’ as the total savings and ‘n’ as the number of weeks after the initial savings. The total savings can be expressed as:

S = Initial Savings + (Weekly Deposit × Number of Weeks)

Substituting the given values, we have:

S = $10,000 + $1,200n

To reach the $30,000 goal, we can plug in the savings goal for ‘S’ and solve for ‘n’:

$30,000 = $10,000 + $1,200n

Which simplifies to:

$20,000 = $1,200n

And solving for ‘n’ gives us:

n = $20,000 / $1,200

n = approximately 16.67 weeks

Thus, Malik would require about 17 weeks to save the $30,000 needed for the down payment.