Posted by **Bill** on Tuesday, January 23, 2007 at 10:30pm.

Amelia's parents and grand parents have both opened savings accounts to save for Amelia's education this year. Amelia's parents' savings account earned 5% interest and her grandparents account earned 8% interest. This year the two savings accounts have earned a total of $460 in interest. At the beginning of the year, the two accounts were worth a total of $6400. Determine the current values of both savings account.

Designate the beginning value of one account as X and the other as $6400 - X. This leads to the following formula:

.05X + .08(6400 - X) = 460

Solve for X to determine the original amount for the parents and work from there.

I hope this helps. Thanks for asking.

## Answer This Question

## Related Questions

- arithmetic - Amelia's parents and grand parents have both opened savings ...
- algebra - Amelia's parents and grand parents have both opened savings accounts ...
- Math - Nico was stunned when he opened the mail. Here was a check for $322.50! ...
- pre-algebra - You split $1500 between two savings accounts. Account A pays ...
- math - Malinda has a savings account set up so that her monthly interest -0.1% ...
- Math - Meghan and Sabrina compared the amount of interest they each earned on ...
- Math/Algebra - Jeremy opened two saving accounts at the beginning of 2010, each ...
- consumers math - Jon put 1000$ into each of two different simple interest ...
- algebra2 - Bill invested $15,000 in three accounts. The savings account paid 1% ...
- algebra2 - Bill invested $15,000 in three accounts. The savings account paid 1% ...

More Related Questions