Landry is opening two savings accounts. He is opening the first account with an initial deposit of $500. The account will compound continuously each year at a rate of 3%.
He is opening the second account with an initial deposit of $300. The account will compound continuously each year at a rate of 5%.
Landry would like to know how long it will take for the balance of the two accounts to be equal.
Create a system of equations to model the situation above, and use it to determine if there are any solutions. If there are any solutions, determine if they are viable or not.
There are two solutions and both are viable.
There is only one solution and it is viable.
There is only one solution and it is not viable.
There are no solutions.