SOLUTION: Scott invested a total of $6300 at two separate banks. One bank pays simple interest of 11% per year while the other pays simple interest of 7% per year. If Scott earned $565.00 in
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Scott invested a total of $6300 at two separate banks. One bank pays simple interest of 11% per year while the other pays simple interest of 7% per year. If Scott earned $565.00 in
Log On
Question 719025: Scott invested a total of $6300 at two separate banks. One bank pays simple interest of 11% per year while the other pays simple interest of 7% per year. If Scott earned $565.00 in interest during a single year, how much did he have on deposit in each bank? Answer by god2012(113) (Show Source):
You can put this solution on YOUR website! Solution :
Let 'x' be the amount invested in bank1
Therefore, amount invested in Bank2 = 6300 - x
Interest = PTR/100 , T = 1 year
Total interest from 2 banks = 11x/100 + 7(6300 - x) /100 = 565
11x + 44100 - 7x = 56500
4x = 12400 or x = 3100
Scott Invested $3100 in first bank and $3200 in second bank
