Asked by John Cortez
Jennifer made an initial investment of $14,000 in a mutual fund. She invests an additional $300 each month to the mutual fund.
What are the possible totals of her investment in the mutual fund?
Select all that apply.
$23,700
$18,600
$27,600
$21,800
$20,600
$27,900
$26,600
What are the possible totals of her investment in the mutual fund?
Select all that apply.
$23,700
$18,600
$27,600
$21,800
$20,600
$27,900
$26,600
Answers
Answered by
oobleck
possible totals are
T = 14000+300x
depending in how many months (x) he made deposits.
So, plug in various values for x and choose all that work.
Or, check to see which solutions of
x = (T-14000)/300
yield integer values. For example
(20600-14000)/300 = 6600/300 = 22
So, if he deposited $300 every month for 22 months, he'd have $20,600
T = 14000+300x
depending in how many months (x) he made deposits.
So, plug in various values for x and choose all that work.
Or, check to see which solutions of
x = (T-14000)/300
yield integer values. For example
(20600-14000)/300 = 6600/300 = 22
So, if he deposited $300 every month for 22 months, he'd have $20,600
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