Question

Suppose you were given $1000 from your uncle. You deposited that money in a bank and added $55 per month.

Answer 1

ANSWERS

• Equation:, s = 1000 + 55m

,

• Equation to save $10,000:, 10,000 = 1000 + 55m

,

• Months it takes you to save $10,000:, 164 months

Step-by-step explanation

You first deposit the $1000 your uncle gave you and then, each month, you add $55. So the first month the account will have,

`1000+55`

After the second month, it will have,

`1000+55+55`

And so on. Therefore, the equation that models your savings s after m months is,

`s=1000+55m`

If we want to find how many months it will take to save $10,000 we have to solve the equation for s = 10,000:

`10,000=1000+55m`

To solve it, subtract 1000 from both sides of the equation,

`\begin{gathered} 10,000-1000=1000-1000+55m \\ 9000=55m \end{gathered}`

And divide both sides by 55,

`\begin{gathered} (9000)/(55)=(55m)/(55) \\ 163.64\approx m \end{gathered}`

It will take at least 164 months to save $10,000.