Question

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

Answer 1

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