Matt has $100 dollars in a checking account and deposits $20 per month. Ben has $80 in a checking account and deposits $30 per month. Will the accounts ever be the same balance? explain
Set up the Balance account B(m), where m is the number of months since the deposit.
Matt:
B(m) = 20m + 100
Ben:
B(m) = 80 + 30m
Set both balance equations equal to each other to see if they ever have the same balance:
20m + 100 = 80 + 30m
To solve for m, we type this equation into our search engine and we get:
m = 2
So yes, they will have the same balance at m = 2
Set up the Balance account B(m), where m is the number of months since the deposit.
Matt:
B(m) = 20m + 100
Ben:
B(m) = 80 + 30m
Set both balance equations equal to each other to see if they ever have the same balance:
20m + 100 = 80 + 30m
To solve for m, we type this equation into our search engine and we get:
m = 2
So yes, they will have the same balance at m = 2