Question

Mike has $22 in his bank account and deposit $11.50 each week at the same time Tim has $218 in his account but is withdrawing $13 each week. When will the account have the same balance ?how much money will each of them have after 12 weeks ?

Answer 1

At twelve weeks Tim will have $62
Mike will have $160

The balance will be the same at $114 at eight weeks

Answer 2

After 8 weeks they will have same account balance and after 12 weeks Mike's account balance will be $160 and Tim's account balance will be $62.

Explanation:

Let t be the no. of weeks .

Mike has $22 in his bank account

He deposit $11.50 each week

He deposits in t weeks = 11.50t

So, total amount in Mike's account after t weeks = 22+11.50t

Tim has $218 in his account

He is withdrawing $13 each week.

He is withdrawing in t weeks. = 13t

So, total amount in Tim's account after t weeks = 218-13t

Now to find When will the account have the same balance :

22+11.50t=218-13t

13t+11.50t=218-22

24.5t=196

`t=(196)/(24.5)`

`t=8`

So, after 8 weeks they will have same account balance .

Now Their account balances after 12 weeks:

Mike's account after 12 weeks = 22+11.50(12)=$160

Tim's account after 12 weeks = 218-13(12)=$62

Hence after 8 weeks they will have same account balance and after 12 weeks Mike's account balance will be $160 and Tim's account balance will be $62.