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
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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):
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
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.
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