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Teresa currently has $1,000\$1,000 in her bank account. The expression above models the amount of money in her account in xx months if she deposits $250\$250 into the account each month. Based on the expression, what is the amount, in dollars, Teresa will have in her account 66 months from now?

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Full solution

Q. Teresa currently has $1,000\$1,000 in her bank account. The expression above models the amount of money in her account in xx months if she deposits $250\$250 into the account each month. Based on the expression, what is the amount, in dollars, Teresa will have in her account 66 months from now?
  1. Identify initial amount: Step 11: Identify the initial amount in Teresa's account. Initial amount = $1,000\$1,000
  2. Identify monthly deposit: Step 22: Identify the monthly deposit amount. Monthly deposit = $250\$250
  3. Identify number of months: Step 33: Identify the number of months.\newlineNumber of months = 66
  4. Calculate total deposit: Step 44: Calculate the total deposit over 66 months. Total deposit = 6×$250=$1,5006 \times \$250 = \$1,500
  5. Add total deposit: Step 55: Add the total deposit to the initial amount. Total amount = $1,000+$1,500=$2,500\$1,000 + \$1,500 = \$2,500

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