Me. And Mrs. Jefferson have a total of $5170 in the bank. At the end of the month, mr. Jefferson deposits $450 into his account,
and news Jefferson deposits $626 into her account. They now have an equal amount of money in their accounts. How much money did each of them have at first?
Add the two deposited amounts to the first total of 5170 to give you 6246. you know they have an equal amount of money, so divide that by 2 to give the amount for each person (3123). then solve from there using what you know. x will be mr and y will be mrs x+450=3123 subtract 450 and you have 2673 y+626=3123 subtract 626 and you have 2497 so Mr had 2673 and Mrs had 2497
This is a compound interest problem so you cannot use the simple interest formula. Effectively the total amount is being compounded each year by 6%. There is a formula for compound interest but in this simple example you can work this out recursively.
