Chris plans to buy a car that depreciates in value at a rate of 10% per year. If the car initially costs $32,000. How much will
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Step are all below
Step are all below
Answer:
The amount in the account at 12% interest is $3400 and the amount in the second account at 7% interest is $2600
Step-by-step explanation:
Let x be the amount in the account at 12% interest
So, 6000-x is the amount in the second account at 7% interest
First account:
Second account :
We are given that At the end of the first year he had earned $590 in interest.
So,
So,the amount in the account at 12% interest is $3400
The amount in the second account at 7% interest =6000-x=6000-3400=2600
Hence the amount in the account at 12% interest is $3400 and the amount in the second account at 7% interest is $2600