Question

Juicy's business Sweet Sauce is profiting at a rate 20,000 dollars per month. The starting balance in Sweet Sauce's account for 2020 was $50,000. How much money will be in Sweet Sauce's account after July 31st? Write an equation for this problem and answer the question. How much money will be in the account after 2 years?

Answer 1

-The equation for this problem is:

y=50,000+20,000x

-The money in Sweet Sauce's account after July 31st is $190,000

-The money in the account after 2 years is $530,000.

Explanation:

With the information provided, you can say that the money in the account would be equal to adding up the starting balance plus the profit per month for the number of months that have passed, which is:

y=50,000+20,000x, where:

y is the money in the account

x is the number of months that have passed

Now, to find the amount of money in the account after July 31st, you have to consider that this is the 7th month and you have to replace x with 7:

y=50,000+(20,000*7)

y=50,000+140,000

y=190,000

Also, to find the amount the amount of money in the account after 2 years, you have to consider that 2 years is equal to 24 months:

y=50,000+(20,000*24)

y=50,000+480,000

y=530,000