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Alona [7]
3 years ago
12

Cameron opens a checking account and a savings account at his local bank. He deposits $10,000 into his checking account and $2,0

00 into his savings account. He will withdraw $1,200 from his checking account each year. His savings account earns 8% interest each year. In how many years will both accounts have the same balance?
Mathematics
1 answer:
aleksley [76]3 years ago
8 0
Hi there
checking account
10000-1200x
Where x is the number of years

savings account use the compound interest formula for this account
2000(1+0.08)^x
Where x is the number of years

To know In how many years will both accounts have the same balance
10000-1200x=2000(1+0.08)^x
Solve for x
X=5.7 years

Best of luck

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