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Tina wants to open a savings account. Bank A requires a $100 deposit to open the account and requires a minimum deposit of $50 a month. Bank B requires a $250 deposit to open the account and requires a minimum deposit of $20 a month. If Tina were to make the minimum monthly deposits in each account, enter the number of months it would take for both accounts to have the same amount of money.

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BeTheChange
Set up the equation to find it out.
You have to give 100 for Bank A and 250 for Bank B to open an account. You only have to pay it once. However, to keep the account open, you have to pay 50 for Bank A and 20 for Bank B every month. That is why you have the 'm' (month) for the second part.

100 + 50m = 250 + 20m
Subtract 100 from both sides to eliminate it from the equation
50m=150 + 20m
Subtract 20m from both sides to eliminate it from the equation, as well
30m=150
Divide both sides by 30 to eliminate it
m=5

It will take five months to have the same amount of money in both accounts.

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