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23 March, 13:10

Mike deposited $6500 into two saving accounts bearing simple interest. One of the accounts has an interest rate of 3% while the other rate is 6%. If the total interest earned after one year is $225, find the amount deposited into each of the accounts.

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  1. 23 March, 14:08
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    0.03x+0.06 (6500-x) = 225

    Solve for x

    0.03x+390-0.06x=225

    0.03x-0.06x=225-390

    -0.03x=-165

    X=165:0.03

    X=5500 invested at 3%

    6500-5500=1000 invested at 6%
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