SOLUTION: Sienna put some money in a certificate of deposit earning 4.2% simple interest. She deposited twice that amount in a money market account paying 4%simple interest.After one year he
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Question 122669: Sienna put some money in a certificate of deposit earning 4.2% simple interest. She deposited twice that amount in a money market account paying 4%simple interest.After one year her total interest was $488. How much did Sienna deposit in her money market account? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Sienna put some money in a certificate of deposit earning 4.2% simple interest. She deposited twice that amount in a money market account paying 4% simple interest. After one year her total interest was $488. How much did Sienna deposit in her money market account?
:
Let x = amt deposited in the money market acct at 4%
:
It says that is twice as much as in her certificate at 4.2%, therefore
.5x = amt deposited as a certificate
:
MM int + Cert int = $488
:
.04x + .042(.5x) = 488
:
.04x + .021x = 488
:
.061x = 488
x =
x = $8000 deposited in the MM acct
:
:
Check solution by finding the amt of interest in each acct
Cert amt = 4000
.04(8000) + .042(4000)
320 + 168 = 488
