Sally's $1,800 savings is in two accounts. One account earns 6% annual interest and the other earns 3%. Her total interest for the year is $93. How much does she have in each account?
amount in the 6% account ---- x
amount in the 3% account ----- 1800-x
.06x + .03(1800-x) = 93
times 100
6x + 3(1800-x) = 9300
take over
Erika made a deposit of $1,800 into an account that earns 2% annual compound interest. Find the balance in Erika's account after 3 years.
Let's assume that Sally has x dollars in the account earning 6% interest.
Therefore, she has (1800 - x) dollars in the account earning 3% interest.
The interest earned on the account earning 6% interest is (6/100) * x = 0.06x dollars.
The interest earned on the account earning 3% interest is (3/100) * (1800 - x) = 0.03(1800 - x) dollars.
According to the given information, the total interest earned for the year is $93.
Therefore, we have the equation:
0.06x + 0.03(1800 - x) = 93
0.06x + 54 - 0.03x = 93
Combining like terms, we get:
0.03x + 54 = 93
Subtracting 54 from both sides, we get:
0.03x = 39
Dividing both sides by 0.03, we get:
x = 1300
So, Sally has $1300 in the account earning 6% interest, and ($1800 - $1300) = $500 in the account earning 3% interest.
To find out how much Sally has in each account, we can set up a system of equations based on the given information.
Let's assume that Sally has x dollars in the account earning 6% interest, and (1800 - x) dollars in the account earning 3% interest.
Now, let's calculate the interest earned on each account. The interest earned on the account with 6% interest is given by (x * 0.06), and the interest earned on the account with 3% interest is given by ((1800 - x) * 0.03).
According to the problem, the total interest for the year is $93. Therefore, we can set up the equation:
(x * 0.06) + ((1800 - x) * 0.03) = 93
Now, let's solve this equation to find the value of x:
0.06x + 0.03(1800 - x) = 93
0.06x + 54 - 0.03x = 93
0.03x = 93 - 54
0.03x = 39
x = 39 / 0.03
x = 1300
So, Sally has $1,300 in the account earning 6% interest, and the remaining amount ($1800 - $1300 = $500) in the account earning 3% interest.