Question

Cameron's family is saving money for Cameron to go to college. They currently have $2.500 in the bank and save $150 each month. Ellie's family is also saving for college. They currently have $900 in the bank and save $250 per month. When will both families have the same amount of savings?

Answer 1

Cameron's and Ellie's families will have the same amount of savings after 16 months, once we set up an equation with their initial savings and monthly contributions and solve for the number of months n.

Step-by-step explanation:

To determine when Cameron's and Ellie's families will have the same amount of savings, we need to set up an equation where the savings amounts are equal. Initially, Cameron's family has $2,500 and saves $150 each month, whereas Ellie's family starts with $900 and saves $250 each month.

Let's use n to represent the number of months after which their savings will be equal. The equation for Cameron's family after n months is:

2500 + 150n

And for Ellie's family, it's:

900 + 250n

We set these equal to each other to find n:

2500 + 150n = 900 + 250n

Solving the equation gives us:

(2500 - 900) = (250n - 150n)

1600 = 100n

n = 16

So, both families will have the same amount of savings after 16 months.