Question

In October, Greg and Thomas had the same amount of money in their savings accounts. In November, Greg deposited $120 into his account. Thomas increased the money in his account by 20%. When they compared their balances, they found that they were still equal.

How much money did each person have in his account in October?

Answer 1

Let the money they both had in their accounts in October be x dollars.

So x + 120 = x + 0.20x (note 20% = 0.20)

Solve for x:-

x - x + 0.2x = 120
x = 120 / 0.2 = $600 answer