Scott invested a total of $5900 at two separate banks. One bank pays simple interest of 12% per year while the other pays simple interest at a rate of 7% per year. If Scott earned $568.00 in interest during a single year, how much did he have on deposit in each bank? Scott had $ on deposit at the bank that payed 12% interest.
Scott invested a total of $5900 at two separate banks. One bank pays simple interest of 12% per year while the other pays simple interest at a rate of 7% per year. If Scott earned $568.00 in interest during a single year, how much did he have on deposit in each bank? Scott had $ on deposit at the bank that payed 12% interest.
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Step 1
Topic -simple interest
we are given,
Total amount deposited=$5900
rates of interest are 12% and 7%
total interest earned=$568
Simple interest=
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