Mike deposited $6500 into two saving accounts bearing simple interest. One of the accounts has an interest rate of 3% while the other rate is 6%. If the total interest earned after one year is $225, find the amount deposited into each of the accounts.

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29-07-2017
Mathematics

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Mike deposited $6500 into two saving accounts bearing simple interest. One of the accounts has an interest rate of 3% while the other rate is 6%. If the total interest earned after one year is $225, find the amount deposited into each of the accounts.

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Aliwohaish12 Aliwohaish12 · Answer 1 · 2017-07-30T16:52:14+02:00

Aliwohaish12 Aliwohaish12

30-07-2017

0.03x+0.06 (6500-x)=225
Solve for x
0.03x+390-0.06x=225
0.03x-0.06x=225-390
-0.03x=-165
X=165÷0.03
X=5500 invested at 3%

6500-5500=1000 invested at 6%

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