18 April, 02:23

# Catherine and Lance open a savings account at the same time. Catherine deposits \$100 initially and adds \$20 per week. Lance deposits \$500 initially and adds \$10 per week. Catherine wants to know when she will have the same amount in her savings account as Lance.

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1. 18 April, 03:32
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after 40 weeks
2. 18 April, 03:33
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After 40 weeks

Step-by-step explanation:

To get the answer to this question, we need to first know the difference in the amount of money deposited by the 2 individuals and in this case it us \$400 since one deposited \$500 and the other \$100

The next thing to do is to divide the difference in amount (400) by the amount contributed by each person per week.

Catherine deposits \$20 per week

400/20 = 20

Lance deposits \$10 per week

400/10 = 40

The LCM between 40 and 20 is 40 weeks.

Therefore, both individuals need to deposit money for 40 weeks for both of their savings to be the same.

If Catherine deposits \$20 for 40 weeks, she will have 40 * 20 = \$800 + \$100 (initial deposit that she made) = \$900

Lance deposits \$10 for for 40 weeks and he will have 40 * 10 = \$400 + \$500 (initial deposit made by him) = \$900