In May, Liam and Charlie had the same amount of money in their savings accounts. In June, Liam deposited $140 into his account. Charlie said he increased the money in his account by 5%. When they compared their balances, they found that they were still equal. How much money did they both have in their accounts in May?
Answer: $2800
Explanation:
Let Initial amount be X
then x+140 = x+ 0.05x
since this 5% change in x is 140
solving for x we get x= 140 * 100/5 = 140 * 20 = 2800
Check: Case 1: 2800 + 140 = 2940
case 2: 2800 + 5/100 *(2800) = 2800 +140 = 2800
