Question

Lucas deposits $250,000 into two investment accounts. Over a year, the first account

Answer 1

Answer:

On a first account the Lucas earns 3.6 percent interest it means on a $1000 Lucas earns $36 interest in a year.

$\[\left( \frac{36}{1000} \right)=\frac{9}{250}\]$

On second account the Lucas earns 2.1 percent interest it means on $1000 Lucas earns $21 interest in a year

$\[\left( \frac{21}{1000} \right)\]$

Step-by-step explanation:

• Simple interest is calculated with the following formula: S.I. = P × R × T, where P = Principal, R = Rate of Interest in % per annum, and T = The rate of interest is in percentage r% and is to be written as r/100.

• The total principal amount invested by Lucas is $250,000 in both the accounts.

• To find the investment in each account by Lucas . we have found the principal using the rate percent .

• On a first account the found principal is $250 and on the second account the found principal is $1000. Therefore the total principal is  

$& (250+1000)\to 250,000 \\ & 1250\to 250,000 \\ & 1\to 200$

Therefore actual principal of first account is :

$& 1\to 200 \\ & 250\to \frac{250(200)}{1} \\ \[=50,000\]$

The actual principal of second account is :

$& 1\to 200 \\ & 1000\to 200(1000)/1 \\ & =20,0000$

• Hence in a first account Lucas invested $\[\ =50,000\]$ and in a second account Lucas invested $\[\ 20,0000\]$

• Learn More about Simple Interest here:

brainly.com/question/20014745

Answer 2

$192,400 was deposited in the account that earns 2.1% interest and $57,600 was deposited  in the account that earns 3.6% interest

Interest earned in the account = $256,114 - $250,000 = $6114

This question would be solved using simultaneous equations

Two equations can be derived from the question

a + b = 250,000 equation 1

0.036a + 0.021b = $6,114 equation 2

Where :

a = amount deposited in the account that earns 3.6% in interest.

b = amount deposited in the account that earns 2.1% in interest.

Multiply equation 1 by 0.036

0.036a + 0.036b = 9000 equation 3

Subtract equation 2 from 3

2886 = 0.015b

Divide both sides of the equation by 0.015

b = 192,400

Substitute for b in equation 1

a + 192,400 = 250,000

a = 250,000 - 192,4000

a = 57,600

To learn more about simultaneous equations, please check: brainly.com/question/23589883?referrer=searchResults