Question

Interest Problem: Julian deposits money into two different savings accounts. He deposits $600 more into Account B than Account A. After a certain amount of time, Account A has earned $180 at a rate of 4%, and Account B has earned $375 at a rate of 5%. How much did Julian initially deposit into each account?

a.What equation is used to solve this problem? What does each variable represent?
t=I/Pr, t-time, I-interest, P-principal, r-rate

b.Identify the given information. What do you know about P?
180/(P)0.04=375/(P+600)0.05
Cross Multiply:
375(P)(0.04)=180(P+600)(0.05)

Answer 1

I already did this part. need help with rest.

Answer 2

c.Enter the given information into the equation.

d.Solve the equation.

e.State the solution.

Answer 3

What does the rest mean?

Answer 4

Let x = amount deposited in account A and y = amount of time that goes by

Account A:

I = Prt

180 = x*0.04*y

180/0.04 = xy

4500 = xy

y = 4500/x

----------------------------

Account B:

I = Prt

375 = (x+600)*0.05*y ... Since he deposits $600 more in this account

375 = (x+600)*0.05*(4500/x)

375x = (x+600)*0.05*4500

375x = 22.5x + 135000


Now solve for x to find the amount deposited in account A (you can then use this to find the amount deposited in account B)

Answer 5

So is this Part C?

Answer 6

I have no idea how to solve this!

Answer 7

375x = 22.5x + 135000

375x - 22.5x = 22.5x + 135000 - 22.5x

352.5x = 135000

352.5x/352.5 = 135000/352.5

x = 382.98

So he deposited about $382.98 in account A and $982.98 in account B (add $600 to the amount in account A to get the amount in account B)

Answer 8

Ok, thx so much! :) LOL! I don't understand this lesson! :D

Answer 9

np