Question

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

ok.....let reese deposit say $x , then sharmi would have deposited $(x -300)

Answer 2

okay

Answer 3

Lets calculate the interest for both separately...Is for Sharmi and Ir for reese

Answer 4

note that the time value t is same for both of them

Answer 5

okay

Answer 6

lets start with reese, the formula is I = PRT/100

Answer 7

so we have 180 = (x)(t)(3)/100

Answer 8

180 = .03 t x

Answer 9

okay

Answer 10

similarly 270 = .06t (x - 300)

Answer 11

so we have 2 equations in 2 unknown variables

Answer 12

okay, so solve for x?

Answer 13

yepp...am solving....

Answer 14

okay

Answer 15

from the first equation, x = 180 /.03t

Answer 16

substitute this value of x in the second equation and we get 270 = 360 - 18t

Answer 17

that is t = 5

Answer 18

okay, so 270=360-18t
-90=-18t
t=5

Answer 19

substitute the value of t in the first equation and we get 180 = .03 (5) x

Answer 20

x = 180/.15

Answer 21

x is 1200

Answer 22

Reese initially deposited $324, Sharmi initially deposited $24.

Reese initially deposited $900, Sharmi initially deposited $600.

Reese initially deposited $1,200, Sharmi initially deposited $900.

Reese initially deposited $1,620, Sharmi initially deposited $1,300.

Answer 23

those are the answer choices, so the answer is the third one?

Answer 24

i guess its the third one

Answer 25

okay

Answer 26

thats what i arrived at x is 1200 and x - 300 is 1200 - 300 that is 900

Answer 27

I got x = 1200... so, yes, 1200 and 900...