A local bank recommends opening a savings account with a $100 initial deposit and a $15 monthly deposit. A local credit union recommends opening a savings account with a $50 initial deposit and a $20 monthly deposit. A system of equations is written to find the month at which the two accounts have the same balance. If x represents the number of months after the initial deposit and y represents the account balance in dollars, the equation for the credit union account balance is y = 20x + 50. What is the equation for the bank account balance?(1 point)

Question

The equation for the bank account balance is y=

Answer 1

To write the equation for the bank account balance, we need to consider both the initial deposit and the monthly deposit.

For the bank:

• Initial deposit: $100
• Monthly deposit: $15

The balance \( y \) after \( x \) months can be expressed as:

\[ y = 15x + 100 \]

So, the equation for the bank account balance is:

\[ y = 15x + 100 \]