| Interest Problems Ann invested $12,000 in two bank accounts. One of the accounts pays 6% annual interest, and the other account pays 5% annual interest. If the combined interest earned in both accounts after a year was $700, how much money was invested in each account? Show
What are we trying to find in this problem? We want to know the amount of money invested in each account-- in other words, we want to know the amount invested in the 6% account and the amount invested in the 5% account. Each of the things we are trying to find will be represented by a variable: x = amount invested at 6% Since we have two variables to solve for, we will need to find a system of two equations to solve. How do we find the two equations we need? We are given two numbers in the problem: $12,000 = total money invested in both accounts Let's start with the $12,000. Ann wants to split this money into two parts. We have chosen to call the two parts x and y. Since these two parts must total to $12,000, this gives us our first equation: x + y = 12,000 Now let's look at the $700, the interest earned on the two accounts together. Let's think about the formula for calculating simple interest : Interest = (Principle)(Rate)(Time) Since the time period in this problem is one year, our simple interest equation becomes: Interest = (Principle)(Rate)(1) Each account has a different amount of money invested in it (either x dollars or y dollars), and each account has a different interest rate (either 6% or 5%). This gives us the following: Interest earned on x dollars = (x)(6%) = .06x and Interest earned on y dollars = (y)(5%) = .05y The total interest earned in both accounts is $700, so our second equation is: Interest earned on x dollars + interest earned on y dollars = total interest If we multiply both sides of this equation by 100 to clear the decimals, it becomes: Now we'll solve the system of equations: x + y = 12,000 Multiply the first equation by -5, then add the equations: -5x - 5y = -60,000 Ann invested $10,000 in the account that pays 6% interest. To find the amount invested in the other account, substitute 10,000 for x in either of our equations. We'll choose the easier equation: x + y = 12,000 Ann invested $2,000 in the account that pays 5% interest.
Register now for special offers  +91 Home > English > Class 7 > Maths > Chapter > Simple Interest > In how many years will a cer... UPLOAD PHOTO AND GET THE ANSWER NOW! Text Solution Solution : Principal amount be P.<br> Amount= principal amount+simple interest<br> 3P=P +simple interest<br> =>simple interest=2P<br> =>`2P=(P xx R xx T)/100` given R=25%<br> =>`2 xx 4=8 yrs=T` Answer Step by step solution by experts to help you in doubt clearance & scoring excellent marks in exams. Add a public comment... Follow Us: Popular Chapters by Class: How many years will a sum of money double itself at the rate of 5% per annum?So time required is 10 years.
How long will take any sum of money to double itself at 5% simple interest?T= 20 Yrs. Q. If Rs. 600 are invested at 5% simple interest per annum, in how much time it will double itself?
How will it take a money to double itself if invested at 5% compounded annually?r = 5 % . and we are asked to find the time that it would take for money to double if it is invested at this rate if it is compounded annually, that is A=2P A = 2 P . Since this is compound interest, we will be using the formula below. Thus, it will take 14.21 years for the money to double.
How many years will a sum of money becomes double at 10% per annum simple interest?Here, we have R = 10% and have to calculate t for the sum of the money (that is P) to double. Hence, it will take 10 years for the sum of money to double itself with the rate of 10% per annum simple interest.
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In how many years would an amount $380 becomes $570 under a simple interest rate of 5 per annum
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