** WILL FAN & MEDAL **
Please check my answer to make sure it's correct:
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?

A) 5.5 years

B) 5.6 years

C) 5.7 years

D) 5.8 years

I chose D

Question

** WILL FAN & MEDAL **
Please check my answer to make sure it's correct:
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?

A) 5.5 years

B) 5.6 years

C) 5.7 years

D) 5.8 years

I chose D

princessaurora · Answer

@Pawanyadav is this correct?

anonymous · Answer

I got a different answer. How did you solve it?

princessaurora · Answer

What did you get?

amistre64 · Answer

10000-12n= 2000(1+.08)^n

amistre64 · Answer

-1200n that is .. cant type for nothing tonight

anonymous · Answer

I got C as the answer, to be more precise I got 5.74. I used the equation amistre64 just posted

princessaurora · Answer

wait i dont know why i chose 5.8 years.. I think I'm getting mixed up with another problem. You're probably right because you followed the equation amistre64 posted.

amistre64 · Answer

i got no good idea how we would solve for n ... other than like the wolf :)