SOLUTION: Please help me solve: Erica deposited a total of $6,000 into two simple interest accounts. On one account the interest rate is 4.4%, on the second account the interest rate is 3%/
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Question 843032: Please help me solve: Erica deposited a total of $6,000 into two simple interest accounts. On one account the interest rate is 4.4%, on the second account the interest rate is 3%/ How much should Sarah invest in each account so that the 3% account ears $65 more in interest than the 4.4% account? Round your answers to the nearest cent.
You can put this solution on YOUR website! let a = amt invested at 4.4%
let b = amt invested at 3%
:
Write an equation for each statement
:
Erica deposited a total of $6,000 into two simple interest accounts.
a + b = 6000
a = (6000-b)
On one account the interest rate is 4.4%, on the second account the interest rate is 3%/
How much should Sarah invest in each account so that the 3% account ears $65 more in interest than the 4.4% account?
.03b - .044a = 65
Replace a with (6000-b)
.03b - .044(6000-b) = 65
.03b - 264 + .044b = 65
.03b + .044b = 65 + 264
.074b = 329
b = 329/.074
b = $4445.95 invested at 3%
:
I'll let you find the amt invested at 4.4%, see the difference is = 65
