Mark opens a savings account with $60 and adds $20 each month. His sister jibran adds $20 each month to the savings account that his girlfriend opened with $60. If the sister continue to make deposits to their savings accounts at the same rate, when will they have the same amount of money? explain.

Question

Mathematics

Jace Gibson

21 June, 09:54

Mark opens a savings account with $60 and adds $20 each month. His sister jibran adds $20 each month to the savings account that his girlfriend opened with $60. If the sister continue to make deposits to their savings accounts at the same rate, when will they have the same amount of money? explain.

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Answers (1)

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Randy Howe · Answer 1

Both accounts will have the same amount of money after the initial deposit

Step-by-step explanation:

Assuming that the sister is the only one making the deposits, the amount in each bank account will always be equal because they started with an initial $60 and increase by $20 each month.

The only thing that may affect the amounts beyond this is the interest given to each account, but given the two scenarios of either the interest is different, or the interest is equal, if the interest is equal on both accounts, they will still be equal month to month. Assuming the interest is different (where one account earns more interest than the other), the accounts will never reach the same value.