Oliwia is opening a bank account. She learns that there is a special promotion where if she deposits $3,000 and then makes no additional deposits or withdrawals, her account will earn $3 in interest per month. Write the equation of a linear function that models the relationship between number of months and total amount of money Oliwia will have in her account.

Question

Oliwia is opening a bank account. She learns that there is a special promotion where if she deposits $3,000 and then makes no additional deposits or withdrawals, her account will earn $3 in interest per month. Write the equation of a linear function that models the relationship between number of months and total amount of money Oliwia will have in her account.

Answer 1

Let x be the number of months and y be the total amount of money Oliwia will have in her account.

Since she deposited $3,000 initially and will earn $3 in interest per month, the amount of money in her account at any given month can be calculated by the equation:

y = 3000 + 3x