Mike deposited $6500 into two saving accounts bearing simple interest. One of the accounts has an interest rate of 3% while the other rate is 6%. If the total interest earned after one year is $225, find the amount deposited into each of the accounts.

Question

Baby Bird

Mathematics

6 July, 02:28

Mike deposited $6500 into two saving accounts bearing simple interest. One of the accounts has an interest rate of 3% while the other rate is 6%. If the total interest earned after one year is $225, find the amount deposited into each of the accounts.

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Answers (1)

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Aubrey Jacobs · Answer 1

0.03x+0.06 (6500-x) = 225

Solve for x

0.03x+390-0.06x=225

0.03x-0.06x=225-390

-0.03x=-165

X=165:0.03

X=5500 invested at 3%

6500-5500=1000 invested at 6%