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 had the most most money in his or her account after a year? Who had the least? Make a chart.

Answer 1

J = 106% . x
S = 106% . (550+x)
O = 106% . 2x

S = 2(212+O) = 106%(550+x)
S = 424 + 2O = 583 + 106%x
2(106%.2x) - 106%x = 583-424
159 = 106%x( 4 - 1 )
159 = 106%x ( 3 )
159 = 318%x
1 = 318%x : 159
1 = 2%x
1 = 2/100 . x
x = 50

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