I NEED HELP :(
posted by Ella .
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 month. In how many months will the accounts have the same balance? What will that balance be?
You will get help much faster if you type in the name of the subject. Typing in I need help means you hope someone reads the question AND has the knowledge to answer your question. I just clicked on the question to see what it was.
Here is how you do the problem,
Let x = number of months
The money deposited to A will be 15*x at the rate of $15/month.
The money deposited to B will be 10x at the rate of $10/month.
The account for A in x months will be 200+15x.
The account for B in x months will be 300+10x. The problem states that at this time both accounts will be the same; therefore, set them equal to each other.
200 + 15x = 300 + 10x
Solve for x (I find 20 months).
How much will they be worth in 20 months?
200 + 15*20 = ?
300 + 10*20 = ?
Okay thank you! I understand now!