Simple interest: I = PrT: A student inherited $20,000...

[Isdsme15]

This is a simple interest problem. I can't seem to figure it out though. Any ideas or suggestion?

A student inherited $20,000. He placed one amount in a savings account that yields 5.5% simple interest, investing the remaining money in a money market mutual fund earning 7.2% simple interest. At the end of the year, he had earned $978. How much was invested in each account?

 

[Deleted member 4993]

This is a simple interest problem. I can't seem to figure it out though. Any ideas or suggestion?

A student inherited $20,000. He placed one amount in a savings account that yields 5.5% simple interest, investing the remaining money in a money market mutual fund earning 7.2% simple interest. At the end of the year, he had earned $978. How much was invested in each account?

Start with naming variables →

Amount in savings account = S

Amount in money-market account = M

What are your thoughts?

Please share your work with us ...even if you know it is wrong

If you are stuck at the beginning tell us and we'll start with the definitions.

You need to read the rules of this forum. Please read the post titled "Read before Posting" at the following URL:

http://www.freemathhelp.com/forum/th...Before-Posting

 

[Isdsme15]

Simple interest Problem

I've worked out this problem a thousand times and I don't think it's possible. I'm pretty sure the total interest amount is wrong in this problem. I know the set up is going to be like this:

I = (Prt) + ($20,000 - P)rt

Ive worked it out and I keep getting either a negative principle (P) or a P that is larger than $20,000.

Any help would be fantastic:



A student inherited $20,000. He placed one amount in a savings

account that yields 5.5% simple interest, investing the remaining

money in a money market mutual fund earning 7.2% simple

interest. At the end of the year, he had earned $978. How much

was invested in each account?

 

[stapel]

I've worked out this problem a thousand times and I don't think it's possible....

Then you've got many, many examples of your working to display. Please reply with the steps leading to at least two different results.

Thank you!