SOLUTION: Mr. Simone deposits $8000 in one simple interest account and $2000 in a second simple interest account/ The interest rate on the $8000 account is 2% more than the $2000 account If
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Mr. Simone deposits $8000 in one simple interest account and $2000 in a second simple interest account/ The interest rate on the $8000 account is 2% more than the $2000 account If
Log On
Question 268785: Mr. Simone deposits $8000 in one simple interest account and $2000 in a second simple interest account/ The interest rate on the $8000 account is 2% more than the $2000 account If the total yearly interest on both accounts is $578 find the interest rate on each account.
thanks a lot :-) Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Mr. Simone deposits $8000 in one simple interest account and $2000 in a second simple interest account/ The interest rate on the $8000 account is 2% more than the $2000 account If the total yearly interest on both accounts is $578 find the interest rate on each account.
Let interest on $2000 deposit be x
then interest on $8000 deposit will be x+2
x/100 * 2000 + x+2/100* 8000 = 578
20x+80(x+2)=578
20x+80x+160=578
100x=578-160
100x=418
x=4.18%
y= 6.18%
interest on $2000 deposit 4.18%
then interest on $8000 deposit will be 6.18%
