Question

Tareq had $328 in his savings account. Then he earned $45 per week mowing lawns, which he also saved. Which function can be used to find t, the amount of money Tareq will have saved at the end of w weeks of mowing lawns?​

Answer 1

To determine Tareq's savings after w weeks of mowing lawns, the function t = 328 + 45w should be used, where 328 is the initial savings and 45w is the total earned from w weeks of work.

Step-by-step explanation:

A function relating saving to its determinants. For an individual these include income (both actual and permanent), age, family status, assets, and possibly liquidity. At the aggregate level the savings function includes the effects of income, the age distribution of the population, and total assets. We can also graph the savings function. The savings function has a negative intercept because when income is zero, the household will dissave. The savings function has a positive slope because the marginal propensity to save is positive.

The function to find t, the total amount of money Tareq will have saved at the end of w weeks of mowing lawns, is given by t = 328 + 45w. Here, 328 represents Tareq's initial savings and 45 represents the money earned per week from mowing lawns. The variable w represents the number of weeks he has mowed lawns.