SOLUTION: a student deposited her HS graduation money in the amount of $6200 in two different accounts. The annual interest rate on one account was 5.5% and the interest rate on the second w
Algebra.Com
Question 1066191: a student deposited her HS graduation money in the amount of $6200 in two different accounts. The annual interest rate on one account was 5.5% and the interest rate on the second was 5.8%. At the end of the first year the interest on the first account was $92.40 more than the interest earned on the second. Determine the amount in each account.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x=first account
6200-x=second account
.055x-92.40=.058(6200-x)
.055x-92.40=359.6-.058x
0.113x=452
x=$4000@.055=$220
6200-x=$2200@0.058=$127.60, which is $92.40 less than the first.
RELATED QUESTIONS
An investor has a total $18,000 deposited in three different accounts, which earn annual... (answered by stanbon,mananth)
investments: An investor has a total of 25,000 deposited into three diffrent accounts,... (answered by josmiceli,padmameesala)
A total of $7500 is deposited into two simple interest accounts. On one account the... (answered by ptaylor)
A total of $6600 is deposited into two simple interest accounts. On one account the... (answered by lwsshak3)
A total of $7900 is deposited into two simple interest accounts. On one account the... (answered by stanbon)
A total of $5500 was deposited into two simple interest accounts.
On one account the... (answered by ikleyn)
A student invested $5000 in two different savings accounts. The first account pays an... (answered by mananth)
An account executive deposited $36,000 into two simple interest accounts. On the tax-free (answered by solver91311)
When Sara Whitehorse changed jobs, she rolled over the $7700.00 in her retirement account (answered by mananth)