ngpf financialalgebra 3.2 graphing systems of equations application unit: saving & systems of equations…

ngpf financialalgebra 3.2 graphing systems of equations application unit: saving & systems of equations application: graphing systems of equations and savings goals level 2 part i: writing equations john and brenda both recently graduated from hightower university and started jobs as civil engineers at buildit construction company. meet john - john graduated with no student debt, thanks to financial aid and his familys support. - john has a savings account with $1417. - johns annual salary is $88,570 (the median for civil engineers). - after taxes, his take - home pay is $5,615 per month. meet brenda - brenda graduated with $10,000 in student debt, thanks to financial aid and a part - time job. - brenda has a savings account with $430. - brendas annual salary is $59,342 (black women, including brenda, earn 67% of what white men make on average). - after taxes, brendas take - home pay is $3,900. - both save 20% of their take - home pay 1. calculate how much john saves each month. 2. write an equation that represents johns savings account balance, y, after x months. 3. calculate how much brenda saves each month. 4. write an equation that represents brendas savings account balance, y, after x months.

ngpf financialalgebra 3.2 graphing systems of equations application unit: saving & systems of equations application: graphing systems of equations and savings goals level 2 part i: writing equations john and brenda both recently graduated from hightower university and started jobs as civil engineers at buildit construction company. meet john - john graduated with no student debt, thanks to financial aid and his familys support. - john has a savings account with $1417. - johns annual salary is $88,570 (the median for civil engineers). - after taxes, his take - home pay is $5,615 per month. meet brenda - brenda graduated with $10,000 in student debt, thanks to financial aid and a part - time job. - brenda has a savings account with $430. - brendas annual salary is $59,342 (black women, including brenda, earn 67% of what white men make on average). - after taxes, brendas take - home pay is $3,900. - both save 20% of their take - home pay 1. calculate how much john saves each month. 2. write an equation that represents johns savings account balance, y, after x months. 3. calculate how much brenda saves each month. 4. write an equation that represents brendas savings account balance, y, after x months.

Answer

Explanation:

Step1: Calculate John's monthly savings

John's take - home pay is $5615 per month. He saves 20% of it. So the monthly savings is $5615\times0.2$. $5615\times0.2 = 1123$

Step2: Write John's savings account balance equation

John starts with an initial balance of $1417. He saves $1123 per month. The balance $y$ after $x$ months is given by the equation $y=1417 + 1123x$.

Step3: Calculate Brenda's monthly savings

Brenda's take - home pay is $3900 per month. She saves 20% of it. So the monthly savings is $3900\times0.2$. $3900\times0.2=780$

Step4: Write Brenda's savings account balance equation

Brenda starts with an initial balance of $430 and has a debt of $10000. Her net initial amount is $430 - 10000=- 9570$. She saves $780 per month. The balance $y$ after $x$ months is given by the equation $y=-9570 + 780x$.

Answer:

  1. John saves $1123 each month.
  2. $y = 1417+1123x$
  3. Brenda saves $780 each month.
  4. $y=-9570 + 780x$