Suppose you were given $900 from your uncle.

Question

Suppose you were given $900 from your uncle. You deposited that money in a bank and added $25 per month.

Write an equation to model how much money you have deposited after m months. Let s be the amount you have deposited.

What equation would you solve to figure out how many months it would take to save $10,000 dollars?

How many months would it take to save $10,000?

Answer 1

The equation for how much money you had deposited would be:

s = 900 + 25m

To find out how many months it would take to save up $10,000, you need to replace the s with $10,000.

10,000 = 900 + 25m

Now, you need to solve the equation for m.

10,000 = 900 + 25m

10,000 - 900 = 900 + 25m - 900

9,100 = 25m

9,100/25 = 25m/25

364 = m

It would take 364 months (30 years and 4 months)