Michelle opened her bank account on September 1st with $25 and continues to deposit $25 each month. Calculate the time Michelle will have a total of $500 in her account.
Answer:
19 months
Step-by-step explanation:
Initial deposit =$25
Monthly deposit = $25
Total deposit, y after x months can be modeled using the relation :
y = $25 + $25x
To have a total of $500 ; y = 500
$500 = $25 + 25x
$500 - $25 = $25x
$475 = $25x
x = $475 / $25
x = 19 months
Hence, Michelle will have deposited a total of $500 in his account after 19 months
