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

## 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! ...
- Math/Algebra - Jeremy opened two saving accounts at the beginning of 2010, each...
- pre-algebra - You split $1500 between two savings accounts. Account A pays ...
- pre algebra - At the beginning of the year 2000, Bob put $100 in a savings ...
- Calculus - Linda has $9000 to invest. She invested x dollars in an account that ...
- Algebra( check my answers) - 1. Juan deposited $200 in a savings account earning...
- Business Algebra - You invest $20,000 in two accounts. Account A earned 4.5% ...
- Lat math question for some days. Can y'all help? - Huan deposited $850 into a ...

More Related Questions