Question 121914: I am having trouble writing a algebra problem for the following:
Sue has 15,000,000 and gives Fred 200,000. Fred puts it in a bank at 5.9% interest. Sue puts her money in the freezer and pulls out 50,000 a month Sue spends 600,000 a year. After how many years would Sue and Fred have the same amount of money? Could you please help with an algebraic equation.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Sue has 15,000,000 and gives Fred 200,000. Fred puts it in a bank at 5.9% interest. Sue puts her money in the freezer and pulls out 50,000 a month Sue spends 600,000 a year. After how many years would Sue and Fred have the same amount of money? Could you please help with an algebraic equation.
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Let "t" be # of years
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Value of Fred's money: F(t) = 200,000*0.059*t
Value of Sue's money: S(t) = 14,800,000-600,000t
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EQUATION:
F(t) = S(t)
200,000*0.059t = 14,800,000-600,000t
11800t = 14,800,000-500,000t
511,800t = 14,800,000
t = 28.92 years
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Cheers,
Stan H.
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