Explanation Given: The total investment of $ 3000 in two accounts, one paying 2 % simple annual interest and the other paying 4 % . Also interest to be earned is $100. Formula used: Simple interest= Principal × rate × time Calculation: The total investment of $ 3000 in two accounts, one paying 2 % simple annual interest and the other paying 4 % . Two linear equations with two variables x and y are made, where x represents the amount invested in account 1 and y represent the amount represented on the account 2. Therefore, x + y = 3000 ……(1) As provided that simple annual intrest of two account are 2% and 4% respectively, equate the total interest to be earned from the two accounts by adding the simple interest of the two accounts for 1 year is: x ( 2 % ) + y ( 4 % ) = 100

Mathematical Ideas (13th Edition) - Standalone book

13th Edition

ISBN: 9780321977076

Author: Charles D. Miller, Vern E. Heeren, John Hornsby, Christopher Heeren

Publisher: PEARSON

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Chapter 8.8, Problem 32E

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To calculate: The investment corresponding to provided rate of interest if the total investment of $3000 is in two accounts, one paying 2% simple annual interest and the other paying 4%. And, the interest to be earned is $100.

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Chapter 8.8, Problem 31E

Chapter 8.8, Problem 33E

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Mathematical Ideas (13th Edition) - Standalone book

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The investment corresponding to provided rate of interest if the total investment of $ 3000 is in two accounts, one paying 2 % simple annual interest and the other paying 4 % . And, the interest to be earned is $100.

Solution Summary: The author calculates the total investment of 3000 in two accounts, one paying 2% simple annual interest and the other paying 4%.

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To calculate: The investment corresponding to provided rate of interest if the total investment of $3000 is in two accounts, one paying 2% simple annual interest and the other paying 4%. And, the interest to be earned is $100.

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Chapter 8 Solutions