Question

Jacob opened a money-market account. In the first month, he made an initial deposit of $500, and he plans to contribute an additional $75 every month. The account does not pay any interest.

After how many months will he have a total of $1,475?

Answer 1

Answer:

14

Step-by-step explanation:

1st month:- $500

additional months :- $1475 - $500 ÷ $75 = 13

total months taken to have a total of $1475 = 1+13 months = 14 months

Answer 2

The answer is 14 months

GIVEN

The first month,initial deposit = $500, contribution of an additional $75 every month.

TO FIND

Time after the total will be $1,475

SOLUTION

The above problem can be simply solved as follows;

Total amount after deducting $500;

= 1475 - 500

= $ 975

Let the number of months in which $75 add up to 975 be x

Therefore,

75x = 975

x = 975/75

= 13 months

Total months = 13 + 1 = 14 months

Hence, The answer is 14 months

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