SOLUTION: Catherine deposited a total of $13,000 between two saving accounts bearing simple interest. One of the accounts has an interest rate of 2% while the other rate is 3%. If the to
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Question 981641: Catherine deposited a total of $13,000 between two saving accounts bearing simple interest. One of the accounts has an interest rate of 2% while the other rate is 3%. If the total interest earned after one year is $320, find the amount deposited into each of the accounts. Answer by mananth(16946) (Show Source):
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Amount deposited at 3% =x
Amount deposited at 2% be y
x+y=13000...............(1)
Interest
3%x+2%y=320
multiply by 100
3x+2y= 32000............(2)
Multiply equation (1) by 3
3x+3y=39000...............(3)
subtract (2) from (3)
x= 39000-32000
x= 7000
balance 6000 at 2%
