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The wording "earns 8% interest each year" does not make it clear whether the savings account interest is compounded. (It usually is in real life, but not always in math problems.) The graphical solution shows both simple interest and interest compounded annually.
Simple interest: the balances will both be $2941.18 after 5.88 years.
Compound interest: the balances will both be $3111.06 after 5.74 years.
Simple interest: the balances will both be $2941.18 after 5.88 years.
Compound interest: the balances will both be $3111.06 after 5.74 years.