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Account A and B each start out with $500. If Account A earns $50 each year and Account B earns 5% of its value each year, after how many years will Account B have more money than Account A? If necessary, round your answer to the nearest year.
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Nonetheless
Let x be the number of years after which A and B have the same amount of money.
500 + 50x = 500(1.05)^x
Work out x with a table of values or a graphing calculator to get x=0 (doesn't count) or x ~ 27 years.
500 + 50x = 500(1.05)^x
Work out x with a table of values or a graphing calculator to get x=0 (doesn't count) or x ~ 27 years.
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