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?

Question

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?

Answer 1

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 = ?

Answer 2

Okay thank you! I understand now!

Answer 3

To find out in how many months the two accounts will have the same balance and what that balance will be, we need to set up an equation and solve it.

Let's first find how much money is being added to each account each month. Account A receives $15 and Account B receives $10.

To find out the balance of the accounts after a certain number of months, we can use the formula:

Balance of Account A = Initial Amount + (Monthly Deposit A * Number of Months)

Balance of Account B = Initial Amount + (Monthly Deposit B * Number of Months)

Let's use the letter 'm' to represent the number of months.

For Account A:
Balance A = $200 + ($15 * m)

For Account B:
Balance B = $300 + ($10 * m)

To find the number of months where the balances are the same, we need to set up an equation equating the two balances:

$200 + ($15 * m) = $300 + ($10 * m)

Now we can solve the equation to find the value of 'm', representing the number of months:

$200 + ($15 * m) = $300 + ($10 * m)

By rearranging the equation:

$15m - $10m = $300 - $200

$5m = $100

Dividing both sides by $5:

m = 20

Therefore, it will take 20 months for the two accounts to have the same balance.

To find the balance at that time, substitute the value of 'm' into the equation for either account:

Balance A = $200 + ($15 * 20) = $200 + $300 = $500

Balance B = $300 + ($10 * 20) = $300 + $200 = $500

So, after 20 months, the balance in both accounts will be $500.

Answer 4

Money Mike is putting money in two savings accounts. Let x

represent the number of months and y
represent the balance. Account A started with $225, and account B started with $350. Money Mike deposits $15 in account A and $10 in account B each month. This system of equations represents the situation.

y=225+15x

y=350+10x

After a certain number of months, the accounts will have the same balance. What is that balance?