Question

Not sure how to solve this? Any help? :)

Sharmi and Reese each deposit money into a savings account. Sharmi deposits $300 less than Reese. After the same amount of time, Reese has earned $180 in interest at a rate of 3% per year, and Sharmi has earned $270 in interest at a rate of 6% per year. How much money did Reese and Sharmi initially deposit into their savings accounts?

Answer 1

lets say,

reese deposts : x
sharmi deposited : x-300

Answer 2

okay

Answer 3

reese earned $180 interest on x deposit at 3% rate
lets say number of years = t,

apply Simple Interest forumula :
180 = P*R*T
180 = x*.03*t ----------------------(1)

Answer 4

sharmi earned $270 interest on (x-300) deposit at 6% rate
since time is same, number of years = t,

apply Simple Interest forumula :
270 = P*R*T
270 = (x-300)*.03*t ----------------------(2)

Answer 5

ok

Answer 6

you have two equations, two unknowns, x & t.
you can solve them for x ?

Answer 7

oops ! second equation has a typo. it should be :

270 = (x-300)*\(\color{red}{.06}\)*t ----------------------(2)

Answer 8

i'm a little bit confused, could you show me what the equations look like?

Answer 9

from (1)
t = 180/x*.03

substitue this value of t in (2) and solve for x

Answer 10

270 = (x-300) * .06 * \(\frac{180}{x*.03}\)

Answer 11

270x = (x-300) *2 * 180

Answer 12

so it looks like t=180/2(.03) ?

Answer 13

hmm how did u get this ?

Answer 14

i'm not sure exactly