Samantha invests #$1000# at #6%# per annum compounded quarterly. Mark invests #$1200# at #5.5%# per annum compounded quarterly. When will the balances in their accounts be equal?
The balances in the accounts will be equal in
For problems such as these, we use the formula
We have to write a system of equations and solve for
Solve using a graphing calculator. If you're using a TI-83 or a TI-84, change the t's to x's. Enter
You will of course want a positive intersection. Once you have moved your cursor sufficiently, press ENTER twice before the calculator will say guess? followed by INTERSECTION.
The result it gives you should say
Hopefully this helps!