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
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??????????????
