Question

Amanda has $12000 in her account ,if she deposits $ 325 every month into a savings , how many months will it take her to save $ 22000

Answer 1

Calculation of number of months for Saving taget amount

Answer: It will take 31 months by Amanda to reach saving of $22000 in her account.

Explanation:

given that

Initial amount in Amanda's Account = $12000

Amount Amanda deposit every month = $325

Need to calculate number of months required by Amanda to save $22000

lets assume number of months required by Amanda to save $22000 be y months.

so Amount deposited in y months = y x Amount deposited in 1 month

                                                           = y x 325 = 325y

So Initital amount +  Amount deposited in y months will be equal to  $22000 as we assumed that umber of months required by Amanda to save $22000 is y

=> 12000 + 325y = 22000

=> 325y  = 22000 - 12000

=>  325y = 10000

=> y = 10000/325 = 30.769 ≈ 31

so in y = 31 , that means it will take 31 months by Amanda to reach saving of $22000 in her account.

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