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 February 10th, 2018, 12:01 PM #1 Newbie   Joined: Jul 2015 From: N/A Posts: 16 Thanks: 0 Word problem You deposit \$2000 in account A, which pays 2.25% annual interest compounded monthly. You deposit another \$2000 in Account B, which pays 3% annual interest compounded monthly. When is the sum of the balance in both accounts at least \\$5000? Thank you in advance! Last edited by greg1313; February 10th, 2018 at 01:27 PM.
 February 10th, 2018, 02:06 PM #2 Global Moderator   Joined: May 2007 Posts: 6,683 Thanks: 658 after n months: account A 2000(1+.0225/12)^n account B 2000(1+.03/12)^n Find n when sum exceeds 5000.
 February 10th, 2018, 02:48 PM #3 Math Team   Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 13,955 Thanks: 987 u = (1 + .0225/12) v = (1 + .03/12) 2000(u^n) + 2000(v^n) = 5000 ; divide by 2000: u^n + v^n = 5/2 Brute solving: after 102 months: A = ~2421, B = ~2580, A + B = 5001
 February 12th, 2018, 08:08 AM #4 Newbie   Joined: Jul 2015 From: N/A Posts: 16 Thanks: 0 Mathman, Denis, Thank you!
 February 12th, 2018, 08:32 AM #5 Math Team   Joined: Oct 2011 From: Ottawa Ontario, Canada Posts: 13,955 Thanks: 987 I got you 5001 instead of 5000: you owe me a dollar!!

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