Question

Kenneth has been working to save money and wants to have an equation to model the amount of money in his bank account. He started with $725 when he opened it. Since then, he has consistently deposited $175 a month. Determine how many months it will take Kenneth to have $2475 in his bank account.

Answer 1

Kenneth will need to save for 10 months to reach $2475 in his bank account, starting with $725 and depositing $175 monthly. By setting up a linear equation and solving for the number of months (M), we find M to be 10.

Step-by-step explanation:

Kenneth wants to determine how many months it will take to have $2475 in his bank account, starting with $725 and depositing $175 each month. To find this, we can set up a linear equation that models the total amount of money in the account, which is the initial deposit plus the consistent monthly deposits over time.

Setting up the equation

Let M be the number of months needed. The initial amount is $725, and the monthly deposit is $175. Therefore, the equation modeling the total amount is:

Total Amount = Initial Deposit + (Monthly Deposit × Number of Months)

$2475 = $725 + ($175 × M)

Solving the equation

First, subtract the initial deposit from both sides:

$2475 - $725 = $175M

$1750 = $175M

Now divide both sides by the monthly deposit amount:

$1750 / $175 = M

So, M = 10

It will take Kenneth 10 months to have $2475 in his bank account.