Question

Sharmi and Reese each deposit money into a savings account. Sharmi deposits $100 less than Reese. After the same amount of time, Reese has earned $40 in interest at a rate of 4% per year, and Sharmi has earned $30 in interest at a rate of 6% per year. How much money did Reese and Sharmi initially deposit into their savings accounts?

Reese initially deposited $200, Sharmi initially deposited $100.

Reese initially deposited $200, Sharmi initially deposited $80.

Reese initially deposited $2,000, Sharmi initially deposited $1,000.

Reese initially deposited $2,000, Sharmi initially

Answer 1

This only works since it says that the amount of time is the same which can then be considered a constant

Answer 2

just read the answers... there is only one choice where the difference in investments is $100.

Option 2

no maths needed.

Answer 3

oops option 1

Answer 4

i hate interest problems

especially since i did that one completely wrong

what i found was a year after so the answer to any time would have been

R=760N years
S=660N years

so if R = 200

200=760N years

200/760=N years

Answer 5

not only that but it's an approximation

Answer 6

don't worried about the calculation... read the question and answers to find the investments that differ by $100

Answer 7

but then what is the fun in it

Answer 8

well you don't know if the interest is calculated using simple, compound or continuous and you don't know time... so why worry...

Answer 9

that's whatmakes the question fun