Question

Arthur is saving money to buy a used car in 8 months. The car costs $2,180. Arthur plans to start with an initial deposit and then deposit 25% more than the previous month until he has enough money to buy the car. What is the minimum initial deposit Arthur must make? Round to the nearest whole dollar.

Answer 1

The minimum initial deposit Arthur must make is $ 4.24.

Since Arthur is saving money to buy a used car in 8 months, and the car costs $ 2,180, and Arthur plans to start with an initial deposit and then deposit 25% more than the previous month until he has enough money to buy the car, to determine what is the minimum initial deposit Arthur must make the following calculation should be performed:  

• X x 1.25 x 1.56 x 1.95 x 2.44 x 3.05 x 3.81 x 4.76 = 2180
• 514.10X = 2180
• X = 2180 / 514.10
• X = 4.24

Therefore, the minimum initial deposit Arthur must make is $ 4.24.

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