Example 1.1.1.
Your savings account starts with \(\$500\text{.}\) Then each month, there is an automatic deposit of \(\$150\text{.}\) You need \(\$1700\) to afford a deposit on a new apartment. Write an equation where the solution represents how much time this will take.
Do you have an understanding of each of the numbers in this setting, and what they truly mean in context? The \(500\) is a number that only matters once in the story of this bank account: it is how much money was there when we started making automatic deposits. The \(1700\) also only matters once: at the end, we will have that much money.
But the \(150\) is different. Month after month, the account balance goes up by \(\$150\text{.}\) This number is used repeatedly in the scenario. It might look like itβs just a dollar amount, but itβs actually a rate: itβs \(150\,\frac{\text{dollar}}{\text{month}}\text{.}\)
If thereβs a rate that you donβt quite understand, it can help to make a table. We know the account balance is changing month by month, so it makes sense to track the months and the account balance.
| Months Since Saving Started |
Total Amount Saved (in Dollars) |
|---|---|
| \(0\) | \(500\) |
| \(1\) | \(650\) |
| \(2\) | \(800\) |
| \(3\) | \(950\) |
If you are able to build a table like this, then you are dealing with a rate. In the second column, values increase by \(150\) dollars from row to row. In the first column, values increase by \(1\) month. The rate we are working with comes from dividing these: \(\frac{150\,\text{dollars}}{1\,\text{month}}\text{,}\) which is \(150\,\frac{\text{dollar}}{\text{month}}\text{.}\)
We spent time trying to truly understand the meaning of the numbers in this story. So now we will try to do what we were asked to do: write an equation where the solution represents how much time it will take to reach \(\$1700\text{.}\) Itβs kind of a big deal to first clearly identify what variable we will use. Since our task is to find βhow much timeβ¦β and we are measuring time in months, we choose to let \(m\) be our variable. That is, \(m\) will stand for the number of months it will take to reach \(\$1700\text{.}\) (Another good choice would be to use \(t\text{,}\) since it stands for an amount of time.)
What will the equation look like? For this example, letβs return to the table. Was there a pattern connecting the left column to the right column? In the left column there is a row where \(3\) months have passed. At that time, we have \(\$950\text{.}\) How did that \(\$950\) come about? Well, we started with \(\$500\) and then added \(\$150\) not once, not twice, but three times. As an equation:
\begin{equation*}
500+150(3)=950
\end{equation*}
Thinking in this way, we can grow the table to show this pattern and extend it to when \(m\) months have passed, even without a value in mind for \(m\text{.}\)
| Months Since Saving Started |
Total Amount Saved (in Dollars) |
|
|---|---|---|
| \(0\) | \(500\) | |
| \(1\) | \(500+150\) | \(=650\) |
| \(2\) | \(500+150(2)\) | \(=800\) |
| \(3\) | \(500+150(3)\) | \(=950\) |
| \(4\) | \(500+150(4)\) | \(=1100\) |
| \(\vdots\) | \(\vdots\) | |
| \(m\) | \(500+150m\) | |
We want there to be \(\$1700\) at the end, so apparently we want:
\begin{equation*}
500 + 150m = 1700
\end{equation*}
And that was our objective: to write down that equation. Right now we are not interested in actually solving this equation. The skill of setting up that equation is challenging enough, and this section only focuses on that setup.
