Mr. Malone is putting money in two savings accounts. Account A started with $200 and Account B started with $300. Mr. Malone deposits $15 in Account A and $10 in Account B each moth. In how many months will the accounts have the same balance? What will that balance be?
you take $200 and add 15 and $300 and add 10 until the two # are the same.
200 + 15N = 300 + 10N.
5N = 100
N = 20 mo.
To find out when the accounts will have the same balance and what that balance will be, we can set up an equation and solve it. Let's assume it takes "x" months for the accounts to have the same balance.
In "x" months, Account A will have a balance of $200 + $15x, and Account B will have a balance of $300 + $10x.
Setting these two equations equal, we have:
$200 + $15x = $300 + $10x
Simplifying the equation:
$15x - $10x = $300 - $200
$5x = $100
Dividing both sides by $5:
x = $100 / $5
x = 20
Therefore, after 20 months, both accounts will have the same balance. To find the common balance, substitute the value of "x" into either equation:
Account A balance = $200 + $15x
Account A balance = $200 + $15 * 20
Account A balance = $200 + $300
Account A balance = $500
So, after 20 months, both accounts will have a balance of $500.