You deposit $500 into a bank account that pays 2% simple interest. You leave the money in the account for 3 years and no additio

nal money is added or withdrawn. How much money will you have in the account at the end of the three ywars? (The formulafor simple interest is I=Prt)

Mathematics

1 answer:

Natasha_Volkova [10]3 years ago

4 0

$\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$500\\ r=rate\to 2\%\to \frac{2}{100}\dotfill &0.02\\ t=years\dotfill &3 \end{cases} \\\\\\ I=(500)(0.02)(3)\implies I=30~\hfill \stackrel{\textit{total amount in the account}}{500+30\implies 530}$

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A total of $6000 was invested, part of it at 3% interest and the remainder at 8%. If the total yearly interest amounted to $380,

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$ 2000 is invested at 3 % interest and $ 4000 is invested at 8 % interest

Solution:

Given that, total of $6000 was invested

Let "x" be the amount invested at 3 % interest

Then, (6000 - x) is the amount invested at 8 % interest

Given that,

The total yearly interest amounted to $380

Then, we can frame a equation as:

$x \times 3 \% + (6000 - x) \times 8 \% = 380$

Solve the above expression for "x"

$x \times \frac{3}{100} + (6000-x) \times \frac{8}{100} = 380\\\\0.03x + (6000-x) \times 0.08 = 380\\\\0.03x + 480 - 0.08x = 380\\\\-0.05x = -100\\\\\text{Divide both sides by -0.05 }\\\\x = 2000$