Suppose you have $28.00 in your bank account and start saving $18.25 every week. Your friend has $161.00 in his account and is withdrawing $15 every week. When will your account balances be the same?
1 Answer
Mar 2, 2017
After four weeks you and your friend will have the same account balances.
Explanation:
Simultaneous equations are required to work this out.
Using the facts given in the question, two equations can be written:
Equation 1:
Equation 2:
For both of the above equations,
In the opening equations, if you consider that at week 0, the starting point, the equations would become
To find the answer, we need to subtract one equation from the other to remove
Equation 1
This can be rearranged: