Answer:
$15,120
Step-by-step explanation:
Let x represent number of months.
We have been given that on the day of his 18th birthday he started saving money regularly. Starting on that day he Could save £30 on the same date every month. So money saved in x months would be [tex]30x[/tex].
Now, we will find number of years between 60 and 18 years.
There will be 42 years from 18th birthday to 60th birthday.
Now, we will convert 42 years into months by multiplying by 12.
[tex]\text{Months is 43 years}=43\times 12=504[/tex]
To find the total amount saved in 504 months, we will substitute [tex]x=504[/tex] in expression [tex]30x[/tex] as:
[tex]30x\Rightarrow 30(504)=15120[/tex]
Therefore, the person will save $15,120 by the day before his 60th birthday.
