Question

POSSIBLE POINTS: 14.29

Patrick opened a savings account with $3,440.00 and withdrew $140.00 each month. John also opened a savings account with $2,000.00 and
deposited $220.00 each month. After how many months would the two accounts have the same amount of money?
O 6 months
8 months
O 4 months
O 2 months
A
✪

Answer 1

After 4 months, Patrick’s and John’s accounts would have the same amount of money.

Explanation:

To find out after how many months the two accounts would have the same amount of money, we can set up an equation based on the given information.

Let’s assume the number of months is represented by m.

For Patrick’s account, the amount of money after m months can be calculated using the formula:

Amount = Initial Amount - Withdrawals + Deposits

Amount = $3,440.00 - $140.00 * m

For John’s account, the amount of money after m months can be calculated using the formula:

Amount = Initial Amount + Deposits

Amount = $2,000.00 + $220.00 * m

To find out when the two accounts have the same amount of money, we can set up an equation:

$3,440.00 - $140.00 * m = $2,000.00 + $220.00 * m

Simplifying the equation:

$1,440.00 = $360.00 * m

Dividing both sides by $360.00:

4 = m

Therefore, after 4 months, Patrick’s and John’s accounts would have the same amount of money.

Please let me know if there’s anything else I can help you with!