Tina wants to open a savings account. Bank A requires a $100 deposit to open the account and requires a minimum deposit of $50 a month. Bank B requires a $250 deposit to open the account and requires a minimum deposit of $20 a month. If Tina were to make the minimum monthly deposits in each account, enter the number of months it would take for both accounts to have the same amount of money.
Accepted Solution
A:
Set up the equation to find it out. You have to give 100 for Bank A and 250 for Bank B to open an account. You only have to pay it once. However, to keep the account open, you have to pay 50 for Bank A and 20 for Bank B every month. That is why you have the 'm' (month) for the second part.
100 + 50m = 250 + 20m Subtract 100 from both sides to eliminate it from the equation 50m=150 + 20m Subtract 20m from both sides to eliminate it from the equation, as well 30m=150 Divide both sides by 30 to eliminate it m=5
It will take five months to have the same amount of money in both accounts.