Homework Help: consumers math

Posted by faith on Friday, March 15, 2013 at 12:29am.

Jon put 1000$ into each of two different simple interest savings accounts for one year . The total intrerest earned was 5$. What could the interest rate have been for each account ?

consumers math - Henry, Saturday, March 16, 2013 at 3:40pm
assume $2.50 was earned from each account.

I = Po*r*t = $2.50
1000*r*1 = 2.50
1000r = 2.50
r = 0.0025 = 0.25% For each acc.

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