Saving money according to a rigid savings schedule

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Reference no: EM13991600

You will use the following situation to complete your task:
A person is planning on saving money according to a rigid savings schedule. Saving plan A is to make an initial deposit of $400 and then deposit $20 per month into the account.
Saving plan B is to make an initial deposit of $600 and then deposit $10 per month into the account. For ease of calculation, assume that no interest is earned on money deposited into the account.
Task:

A. Use the above situation to complete parts A1 through A4:
1. Provide an algebraic representation of the account balance (y) for each of the two savings plans.
Note: Use the variable x to represent the number of months.
2. Solve the system of equations algebraically to determine when the two savings plans yield identical balances and state this balance.
3. Graph the system of equations on a single coordinate plane to illustrate the graphical solution.
• Label each axis of the coordinate plane with descriptive labels.
• Label each relevant intercept as "x-intercept" or "y-intercept" and include the ordered pair.
• Label the graphical solution of the system of equations as "solution" and include the ordered pair.
• In a legend, indicate which saving plan and which equation corresponds with each line.a. Use the graph to determine the following:
1. Determine which plan yields the greatest balance if the person stops saving after 14 months.
2. Determine which plan yields the greatest balance if the person stops saving after 23 months.
4. Explain which quadrant(s) of the graph is/are relevant to this problem.

Reference no: EM13991600

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