Answer:the amount of money invested on the certificate of deposit is $2800
the amount of money invested on the savings account is $2600
Step-by-step explanation:
Let x represent the amount of money invested on the certificate of deposit.
Let y represent the amount of money invested on the savings account.
If $200 more is invested on the certificate of deposit than in the savings account, it means that
x = y + 200
The formula for simple interest is expressed as
I = PRT/100
Where
P represents the principal
R represents interest rate
T represents time
Considering the investment on the certificate of deposit,
P = x
R = 5.5
T = 1
I = (x × 5.5 × 1)/100 = 0.055x
Considering the investment on the savings account,
P = y
R = 3.5%
T = 1
I = (y × 3.5 × 1)/100 = 0.035y
If the total interest after the first of the year was $245, it means that
0.055x + 0.035y = 245 - - - - - -1
Substituting x = y + 200 into equation 1, it becomes
0.055(y + 200) + 0.035y = 245
0.055y + 11 + 0.035y = 245
0.09y = 245 - 11 = 234
y = 234/0.09 = $2600
Substituting y = 2600 into
x = y + 200, it becomes
x = 2600 + 200
x = $2800
