You want to have $45,000 in cash to buy a car 4 years from today. you expect to earn 4.5 percent, compounded annually, on your s
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I would start by setting up a chart like I did below.
Label one column age now and the other age in 5 years.
Since we don't know the son's age we use x.
We do know that the man's age is 4 times the son's age.
So the man's age will be 4x.
In the age in 5 year column, we add 5 to their current ages.
Now set up our equation.
Since it says "in five years" we use information in second column.
In 5 years time, he, "4x + 5", will be, equals,
3 times as old as his son, "3(x + 5)".
So we have 4x + 5 = 3(x + 5).
Solving from here, we find that x = 10.
So the son is 10 and the man is 4 times his age or 40.
