SOLUTION: A total of $7500 is deposited into two simple interest accounts. On one account the annual simple interest rate of 5.5% and on the second account the annual simple interest rate is
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Question 124247This question is from textbook college algebra
: A total of $7500 is deposited into two simple interest accounts. On one account the annual simple interest rate of 5.5% and on the second account the annual simple interest rate is 7%. The amount of interest earned for 1 year was $405. How much was invested in each account.
This question is from textbook college algebra
Answer by ptaylor(2198) (Show Source): You can put this solution on YOUR website!
SOMETHING IS WRONG WITH THIS PROBLEM!!!! IF YOU INVESTED THE $7500 ALL AT 5.5%, THE INTEREST ACCRUED WOULD BE: 7500*0.55*1 0R $412.50. WHEN YOU GET IT RIGHT, THE FOLLOWING WOULD BE THE APPROACH FOR SOLVING IT:
Interest(I) equals Principal(P) times Rate(R) times Time(T) or I=PRT
Let P=amount deposited in the 5.5% account; Interest accrued on this account would be P*0.055*1 or 0.0.055P
Then 7500-P=amount deposited in the 7% account; Interest accrued on this account would be (7500-P)*0.07*1 or 525-0.07P
Now we are told that the total interest accrued on both accounts =$405. So our equation to solve is:
0.055P+525-0.07P=405 subtract 525 from both sides
0.055P-0.07P+525-525=405-525 collect like terms
-0.015P=-120 divide both sides by -0.015
P=$8000-----------------amount invested at 5.5% HELLO??????????????
Hope this helps----ptaylor
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