Question

Alen deposits $275 in a savings account that earns 4% simple interest per
year. Ben deposits $300 in the same savings account that earns 2% simple
interest per year. After some years they notice that their account balance
is the same. After how many years their account balance were equal? please give me step by step explanation.

Answer 1

Answer:

after 3 years

Step-by-step explanation:

please mark as brainliest answer...

Answer 2

Step-by-step explanation:

Let time of investment be t years

Step 1. account balance of Alen

Principal = $275

Rate of simple interest = 4% per year

Then simple interest = $(275 × t × 4)/100 = $11t

Thus account balance after t years = $(275 + 11t)

Step 2. account balance of Ben

Principal = $300

Rate of simple interest = 2% per year

Then simple interest = $(300 × t × 2)/100 = $6t

Thus account balance after t years = $(300 + 6t)

Step 3. equating two balances

Since after t years, their account balance were equal, then

275 + 11t = 300 + 6t (numerically)

⇒ 5t = 25

⇒ t = 5

Final answer: 5 years

After 5 years, their account balance were equal.

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