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 t
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> 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 t
Log On
Question 981657: 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 macston(5194) (Show Source):
You can put this solution on YOUR website! .
W=amount at 2%; H=amount at 3%
.
W+H=$13000
W=$13000-H Use this to substitute for W below.
.
0.02W+0.03H=$320 Substitute for W from above.
0.02($13000-H)+0.03H=$320
$260-0.02H+0.03H=$320 Subtract $260 from each side.
0.01H-$60 Divide each side by 0.01.
H=$6000 ANSWER 1: $6000 was in the 3% account.
.
W=$13000-H=$13000-$6000=$7000 ANSWER 2: $7000 was in the 2% account.
.
CHECK:
0.02W+0.03H=$320
0.02($7000)+0.03($6000)=$320
$140+$180=$320
$320=$320
