A savings account is started with an initial deposit of $700. The account earns 1.5% interest compounded annually. Write an equa
2 answers:
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Answer:
James invested $160,000
Step-by-step explanation:
- In total, they needed $480,000 to start the business
- 1:2 ratio means one of them payed double the amount than the other
so the expression would be,
2x + x = 480,000
Let x represent how much they each need to invest
the expression can be simplified to,
3x = 480,000
now you need to get x alone, this would be done be dividing both sides by 3
James invest $160,000
Michael invest $160,000 x 2 = $320,000
and if you add them together, you get the total amount
$320,000 + $160,000 = $480,000
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