In October, Greg and Thomas had the same amount of money in their savings accounts. In November, Greg deposited $120 into his account. Thomas increased the money in his account by 20%. When they compared their balances, they found that they were still equal. How much money did each person have in his account in October?

Question

Mathematics

Keegan James

8 March, 00:12

In October, Greg and Thomas had the same amount of money in their savings accounts. In November, Greg deposited $120 into his account. Thomas increased the money in his account by 20%. When they compared their balances, they found that they were still equal. How much money did each person have in his account in October?

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Answers (1)

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Clayton Booker · Answer 1

Let's give the variable that you are trying to answer for a symbol. Let's call it X.

X = the amount of money both Greg and Thomas had in October

We know that in November, Greg added $120 to his account. So, Greg's account has: X + 120

We know that Thomas increased the money in his account by 20%, so Thomas' account has: X + 0.2X, or 1.2X

We know that these two amounts are equal:

X + 120 = 1.2X

Solve for X:

X + 120 - X = 1.2X - X

120 =.2X

120 /.2 =.2X /.2

600 = X