Hi folks, first time posting. What an incredible resource! Anyway, I have two problems that have been bugging me, and I think I got the first one. Here they are:
(1) Charles has had two accounts for a year, one is a savings account at a credit union, that pays 4% annual interest. The other is a money market account, that pays 6% annual interest. Charles deposited $500 more in the money market account than in the savings account. The total interest that he obtained at the end of one year was $160. How much money did he deposit in each account?
(2) A total investment of $13,500 is distributed in two accounts, one that yields interest at an annual rate of 5% , and the other yielding interest at the annual rate of 7%. Determine how much is invested in each account, if the total interest after one year is $855.
For problem #1, I'm thinking:
y=x+500
.04x+.06(500+x)=160
.04x+30+.06x=160
.10x+30=160
.10x=130
x=1300
y=1800
Anyone care to check my work and make comments? Sure would appreciate it.
Now the second problem is bothering me because I simply do not know where to start deriving information for my equation. I have found that these problems become relatively simple once I can get to the point where I solve for x. But, getting to that point has been a challenge. So far I drew a picture of two "account" boxes with a big 13,500 going into both of them....and that's all I got! I really need a push here so I can get going. Thanks for your time.
(1) Charles has had two accounts for a year, one is a savings account at a credit union, that pays 4% annual interest. The other is a money market account, that pays 6% annual interest. Charles deposited $500 more in the money market account than in the savings account. The total interest that he obtained at the end of one year was $160. How much money did he deposit in each account?
(2) A total investment of $13,500 is distributed in two accounts, one that yields interest at an annual rate of 5% , and the other yielding interest at the annual rate of 7%. Determine how much is invested in each account, if the total interest after one year is $855.
For problem #1, I'm thinking:
y=x+500
.04x+.06(500+x)=160
.04x+30+.06x=160
.10x+30=160
.10x=130
x=1300
y=1800
Anyone care to check my work and make comments? Sure would appreciate it.
Now the second problem is bothering me because I simply do not know where to start deriving information for my equation. I have found that these problems become relatively simple once I can get to the point where I solve for x. But, getting to that point has been a challenge. So far I drew a picture of two "account" boxes with a big 13,500 going into both of them....and that's all I got! I really need a push here so I can get going. Thanks for your time.