You start a savings account with $200 and save $30 each month. Write an explicit formula to represent the amount of money you invest into your savings account as an arithmetic sequence. How much money will you have invested after 12 months?
You start a savings account with $200 and save $30 each month. Write an explicit formula to represent the amount of money you invest into your savings account as an arithmetic sequence. How much money will you have invested after 12 months?
You start a savings account with $200 and save $30 each month. Write an explicit formula to represent the amount of money you invest into your savings account as an arithmetic sequence. How much money will you have invested after 12 months?
Expert Solution & Answer
To determine
To find:The formula and the money invested after 12 months.
Answer to Problem 23P
The formula is I=$200−$30t and the value of the card after buying 8 coffees is 560
Explanation of Solution
Given:
The initial investment in saving account is $200
The per month deposit is $30
Calculation:
The required formula is,
I=$200+$30t
Here, V is the total savings and t is months.
Substitute 12 for t in the above equation.
I=$200+$30t=$200+$30(12)=$560
Thus, theformula is I=$200−$30t and the value of the card after buying 8 coffees is 560
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