SOLUTION: If $4000 is deposited into an account paying 3% interest compounded annually and at the same time $2000 is deposited into an account paying 5% interest compounded annually, after h

Question 217237: If $4000 is deposited into an account paying 3% interest compounded annually and at the same time $2000 is deposited into an account paying 5% interest compounded annually, after how long will the two accounts have the same balance?
Me and my friend are working on this problem together and this is what we have so far:
we used the equation A(t)= A (1+r)^t
we thought we had to set the equations equal to each other so...
4000(1.03)^t = 2000(1.05)^t
we tried to take the ln of both sides but ended up getting stuck. Can you please help us finish this problem? Thanks in advance! =)
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
You are thinking along the right lines but it is difficult.
I decided to graph the two equations.
The two equations intersect at 12 yrs.
I hope that helps.
Bob

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