Question

Ariana started a savings account with $240. She deposits $30 into her account at the end of each month. She wants to know how many months it will take for her account to have a balance greater than $500.

Answer 1

9 months

Explanation:

$500 - $240 = $260

$260/$30 = 8.67(3s.f.) ≈ 9 months

Recheck:

Balance after 9 months = 240 + (30×9) = 240 + 270 = $510

∴ $510 > $500