Question

Sharmi and Reese each deposit money into a savings account. Sharmi deposits $200 less than Reese. After the same amount of time, Reese has earned $90 in interest at a rate of 3% per year, and Sharmi has earned $100 in interest at a rate of 5% per year. How much money did Reese and Sharmi initially deposit into their savings accounts?

Answer 1

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Answer 2

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Answer 3

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Answer 4

F
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K

Answer 5

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Answer 6

TOOL
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retrice
HOLE MOTHER flutterER wingspan

Answer 7

Let the amount Reese deposited be x
Sharmi's deposit was x - 200
Interest = Prt (P = principal amount, r = rate, t = time)
Reese earned $90 in interest, so Prt = x * 0.03 * t = 90
Sharmi earned $100 in interest, so Prt = (x - 200) * 0.05 * t = 100

You have two equations and two unknowns, so you can solve it as a system of equations.
x * 0.03 * t = 90
(x - 200) * 0.05 * t = 100