Friday
August 22, 2014

Homework Help: algebra

Posted by Bill on Tuesday, January 23, 2007 at 11:10pm.

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.

Let x be the parents' account value and y be the grandparents account value t the beginning of the year.

x (0.05) + y (0.08) = 460
x + y = 6400
x + 1.6 y = 9200
0.6 y = 2800
y = $4666.67
x = $1733.33
To get the current values, add the interest gained in the previous year.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

arithmetic - Amelia's parents and grand parents have both opened savings ...
math (pls help) - Amelia's parents and grand parents have both opened savings ...
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 - Parents may help to save for their children’s university education using ...
pre algebra - At the beginning of the year 2000, Bob put $100 in a savings ...
pre-algebra - Translate the following situation into an equation. Do not solve...
Math - Parents may help to save for their children’s university education ...
math - Samantha opened a savings account and deposited some money into the ...
Business Algebra - You invest $20,000 in two accounts. Account A earned 4.5% ...

Search
Members