Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?

A) $2000

B) $2500

C) $2800

D) $3000

Question

Mathematics

Riley Ward

14 June, 21:30

Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?

A) $2000

B) $2500

C) $2800

D) $3000

+4

Answers (1)

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Erica Decker · Answer 1

Ernie deposited D.) 3000 to the account that paid 4% interest

Simple interest is computed by multiplying the principal to its rate and term.

SI = P * r * t

Since there are two accounts and two interest rates, I did a trial and error computation. It may be tedious but it gives the correct answer.

Account 1 Interest 4% Account 2 Interest 2% Total Interest

4,000.00 160.00 - - 160.00

3,000.00 120.00 1,000.00 20.00 140.00

2,000.00 80.00 2,000.00 40.00 120.00

1,000.00 40.00 3,000.00 60.00 100.00

0 0 4,000.00 80.00 80.00

Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?A) $2000B) $2500C) $2800D) $3000

Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?

A) $2000

B) $2500

C) $2800

D) $3000