Evaluate the expression shown below and write your answer as a fraction in simplest form.
2 answers:
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Answer:
- $272 was invested in the savings account at 11%
- $572 was invested in the savings account at 14%
Step-by-step explanation:
Let the amount in the savings account with 11% interest =x
She has $300 more in the 14% account.
Therefore amount saved at 14%=x+300
Simple Interest= Principal X (Rate/100) X Time
Since, the time is not given, we assume an annual interest.
Therefore, Time =1 Year
Total Interest = $110
Now, our total interest will be a sum of the interest earned at 11% and the interest earned at 14%.
Therefore:
- $272 was invested in the savings account at 11%
- $572 was invested in the savings account at 14%
Cheers!