In October, Greg and Thomas had the same amount of money in their savings accounts. In November, Greg deposited $120 into his account. Thomas increased the money in his account by 20%. When they compared their balances, they found that they were still equal.
How much money did they both have in their accounts in October?
Answer (3)
If Greg deposited $120 into his account and Thomas increased his money by 20% and they still got the same amount in November, it means that $120 is 20% of their money in October.
120 = 20% * x (where x is the money in October) 120 = 20/100x 120 = 2/10x 120 = 1/5x / * 5 (both sides) x = 600
So each of them had $600 in October.
Doublecheck:
Greg's money = 600 + 120 = 720 Thomas' money = 600 + 20% * 600 = 600 + 120 = 720
So it's correct :)
Let's denote the amount of money Greg and Thomas had in their savings accounts in October as x. Since both deposited some money in November and their new balances remained equal, we can use this information to form an equation. Greg added $120 to his account, so his new balance was x + $120. Thomas increased his money by 20%, which means his new balance was x + 0.20x or 1.20x. Setting these equal to each other gives us x + $120 = 1.20x.
To find the value of x, we need to solve the equation:
Subtract x from both sides: $120 = 0.20x
Divide by 0.20: x = $120 / 0.20
Calculate x: x = $600
Therefore, Greg and Thomas both had $600 in their accounts in October.
Greg and Thomas each had $600 in their accounts in October. After Greg deposited $120 and Thomas increased his amount by 20%, both had equal balances of $720 in November. The calculations show that the amounts were correctly derived from the given percentages and deposits.
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