Question

account a and account b each start out with $600 if account a earns $50 each year and account b earns 6% if its value each year after how many years will account b have more money than accounts a

Answer 1

After approximately 21 years, Account B will have more money than Account A.

Step-by-step explanation:

To determine after how many years Account B will have more money than Account A, we need to set up an equation and solve for the number of years. Let's use x as the number of years.

For Account A, the amount after x years will be $600 + ($50 * x).

For Account B, the amount after x years will be $600 * (1 + 0.06)^x.

Setting up the equation and solving for x, we have:

1. $600 + ($50 * x) = $600 * (1 + 0.06)^x
2. $50 * x = $600 * (1.06^x - 1)
3. x ≈ 21 years

After approximately 21 years, Account B will have more money than Account A.