SOLUTION: $2500 is to be deposited in Bank A and Bank B. The interest rate per annum for Bank A is 6% while for Bank B is 6.5%. (or 6 1/2 %,whole fraction). After one year, their interests a

Question 519613: $2500 is to be deposited in Bank A and Bank B. The interest rate per annum for Bank A is 6% while for Bank B is 6.5%. (or 6 1/2 %,whole fraction). After one year, their interests are equal. How much money is to be deposited in each bank?

I need steps and format to it!
The answers are:Bank A :$1300
The answers are : Bank B: $1200
Found 2 solutions by Maths68, Earlsdon:
Answer by Maths68(1474) (Show Source): You can put this solution on YOUR website!
Let
Amount is to be deposited in Bank A = x
Amount is to be deposited in Bank B = 2500-x

Interest rate of Bank A = 6%=0.06
Interest rate of Bank B = 6.5% = 0.065
Amount is to be deposited in Bank A * interest rate of Bank A = Amount is to be deposited in Bank B * interest rate of Bank B

x*0.06=(2500-x)*0.065
0.06x=162.5-0.065x
0.06x+0.065x=162.5
0.125x=162.5
0.125x/0.125=162.5/0.125
x=1300

Amount deposited to Bank A = x = 1300
Amount deposited to Bank B = 2500-x=2500-1300=1200

Answer by Earlsdon(6294) (Show Source): You can put this solution on YOUR website!
Let x = the amount deposited in bank A @ 6% per annum, then the remainder of the $2,500, or (2500-x) is deposited in bank B @ 6.5% per annum.
The interest earned on these two deposits is equal.
The earned interests can be expressed as:
Bank A: 0.06x
Bank B: (0.065)(2500-x)
Set these two amounts equal:
0.06x = (0.065)(2500-x) Simplify.
0.06x = 162.5-0.065x Add 0.065x to both sides.
0.125x = 162.5 Divide by 0.125
x = $1300 and 2500-x = $1200
$1,300.00 was deposited in bank A and $1,200.00 was deposited in bank B.

RELATED QUESTIONS
$2500 is to be deposited in Banks A and B. The interest rate per annum for Bank A is 6%... (answered by richwmiller)
Bank 'A' provides loan at 5% per annum at simple interest and bank 'B' provides loan at... (answered by Theo)
alex deposited a total of 25000 in bank a and bank b. two banks pay simple interest rates (answered by ikleyn)
A bank increases its interest rate from 3.5% to 4% per annum. Find how much more interest (answered by JulietG)
A bank increased the rate of interest, which it paid to depositors from 3.5% to 4% per... (answered by Boreal)
Nangula wishes to invest 5000 pounds for 10 years. three banks offer different terms for... (answered by rfer)
Hello, I would like someone to check if I did this correctly please! Given: Bank A is... (answered by richwmiller)
A man invests $2000 in a bank paying 5% simple interest per annum and $3000 in another... (answered by mathispowerful,andkon)
In a Nationalised bank Mahesh bhai has deposited rupees 20000 at some rate of interest he (answered by jhasumit5999@gmai.com)