10. Saving for a Vacation A family wants to save $$ \$ 5,000 $$ for a vacation in 18 months. If they save the same amount every month, how much must they save per month?

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To find out how much the family needs to save per month to reach their goal of saving $5,000 in 18 months, we can use the formula for simple interest:

$$ \text{Amount} = \text{Principal} \times \text{Rate} \times \text{Time} $$

In this case, the principal is the amount they want to save ($5,000), the rate is the monthly savings, and the time is 18 months.

Let's denote the monthly savings as $$ x $$. Then, the formula becomes:

$$ 5000 = x \times 18 $$

Now, we can solve for $$ x $$ to find out how much they need to save per month.
Solve the equation by following steps:
- step0: Solve for $$x$$:
  $$5000=x\times 18$$
- step1: Reorder the terms:
  $$5000=18x$$
- step2: Swap the sides:
  $$18x=5000$$
- step3: Divide both sides:
  $$\frac{18x}{18}=\frac{5000}{18}$$
- step4: Divide the numbers:
  $$x=\frac{2500}{9}$$
The family needs to save approximately $277.78 per month to reach their goal of saving $5,000 in 18 months.
The family needs to save approximately \$277.78 each month to reach \$5,000 in 18 months.

Saving for a Vacation
A family wants to save for a vacation in 18 months. If they save the
same amount every month, how much must they save per month?

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Saving for a Vacation A family wants to save for a vacation in 18 months. If they save the same amount every month, how much must they save per month?