Cameron opens a checking account and a savings account at his local bank. he deposits $10,000 into his checking account and $2,000 into his savings account. he will withdraw $1,200 from his checking account each year. his savings account earns 8% interest each year. in how many years will both accounts have the same balance?

Let x be the number of needed years.

1. He deposits $10,000 into his checking account and he will withdraw $1,200 from his checking account each year. Then after x years he will have $10,000-$1,200x in his checking account.

2.  He deposits $2,000 into his savings account and his savings account earns 8% interest each year, then after x years he will have

3. Equate these amounts of money:

4. Solve this equation:

Conclusion: he needs nearly 6.663 years.