SOLUTION: someone invests (A) dollars in an account paying 8.6 percent simple interest, and (B) dollars in a account paying 6.5 percent interest compounded annually. After 6 years, the acco

Algebra.Com
Question 1188461: someone invests (A) dollars in an account paying 8.6 percent simple interest, and (B) dollars in a account paying 6.5 percent interest compounded annually. After 6 years, the accounts have exactly the same balance. If (A = 5000), then what is (B)?
Answer by Boreal(15235)   (Show Source): You can put this solution on YOUR website!
first account interest is prt=5000*0.086*6=$2580, so account total is $7580.
second account is 7580=(P)(1+0.065)^6=1.459P. don't round
P=7580/1.459, and the rounded value at the end=$5194.83


RELATED QUESTIONS

A man invests his savings in two accounts, one paying 6 percent and the other paying 10... (answered by lwsshak3)
A man invests his savings in two accounts, one paying 6 percent and the other paying 10... (answered by mananth)
A man invests his savings in two accounts, one paying 6 percent and the other paying 10... (answered by robertb)
A man invests his savings in two accounts, one paying 6 percent and the other paying 10... (answered by mananth,MathTherapy)
A man invests his savings in two accounts, one paying 6 percent and the other paying 10... (answered by mananth)
Jolene invests her savings in two bank accounts, one paying 6 percent and the other... (answered by Boreal)
Jolene invests her savings in two bank accounts, one paying 6 percent and the other... (answered by ikleyn)
Jolene invests her savings in two bank accounts, one paying 6 percent and the other... (answered by ikleyn)
I am having a problem setting this question up to solve Jolene invests her savings in (answered by Earlsdon)