Need help setting this up please!

krisolaw

New member
Joined
Jun 5, 2005
Messages
45
Use the evidence compiled by investigators to determine how much money a suspect deposited in the Cayman Islands.
*On 6/1/03, the suspect electronically transfered $300,000 to a Swiss bank account paying an 8% yield annually
*That same day, the suspect oopened another account in a Cayman Islands bank account that offered a 5% annual yield.
*A document dated 6/4/04 was siezed in a raid in the suspects home. It stated "The total interest earned in one year from the overseas accounts was 7.25% of the total amount deposited.

How do I go about setting this problem up? :oops: Thanks in advance!
 

Denis

Senior Member
Joined
Feb 17, 2004
Messages
1,446
krisolaw said:
Use the evidence compiled by investigators to determine how much money a suspect deposited in the Cayman Islands.
*On 6/1/03, the suspect electronically transfered $300,000 to a Swiss bank account paying an 8% yield annually
*That same day, the suspect oopened another account in a Cayman Islands bank account that offered a 5% annual yield.
*A document dated 6/4/04 was siezed in a raid in the suspects home. It stated "The total interest earned in one year from the overseas accounts was 7.25% of the total amount deposited.
How do I go about setting this problem up? :oops: Thanks in advance!
x = deposit in 5% account

Interest @ 8% on 300,000 = 24,000
Interest @ 5% on x = .05x

24000 + .05x = .0725(300000 + x)
Solve for x.
OK?
 
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