Question

Stacy, Oliver, and Jivesh each plan to put a certain amount of money into their savings accounts that earn simple interest of 6% per year. Stacy puts $550 more than Jivesh, and Oliver puts in 2 times as much as Jivesh. After a year, the amount in Stacy's account is 2 times the sum of $212 and the amount in Oliver's account. How much does each person initially put into his or her account? Who has the most money in his or her account after a year? Who had the least? Explain.

Answer 1

Answer:

Jivesh put $50 Stacy $600 and Oliver $100.

Step-by-step explanation:

Consider the provided information.

Let the amount Jivesh put is represented by x.

Stacy puts $550 more than Jivesh, and Oliver puts in 2 times as much as Jivesh.

That means Stacy= x+550 and Oliver = 2x

After a year, the amount in Stacy's account is 2 times the sum of $212 and the amount in Oliver's account.

After 2 yrs.

The amount in Oliver's account = 106%(2x) or 1.06(2x)

The amount in Stacy's account = 2(212+1.06(2x)) .......(1)

As we know the Stacy put x+550 in his account so after 2 yrs the amount will be:

1.06(x+550) ......(2)

By equation 1 and 2.

212+1.06(2x)=0.53(x+550)

212+2.12x=0.53x+291.5

1.59x=79.5

x=50

Hence, Jivesh put $50.

Stacy = 50+550 = $600

Oliver = 2(50) = $100

Answer 2

Jivesh put $50
Stacy put $600
Oliver put $100