A team of cancer research specialists received a grant of $500,000 to be used for cancer research. They deposited some of the mo
ney in a 10% simple interest account and the remainder in an 9% annual simple interest account. How much was deposited in each account if the annual interest is $49,500?
the $1100 is the original amount of money put in the bank with the 1.021 being the interest rate. this was put to the power of 7 to represent the years the money will be in the account.
