Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?
A)$2000
B)$2500
C)$2800
D)$3000

Question

26-01-2016
Mathematics

contestada

Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?
A)$2000
B)$2500
C)$2800
D)$3000

Respuesta :

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taskmasters taskmasters · Answer 1 · 2016-01-26T17:52:49+01:00

Ernie deposited D.) 3000 to the account that paid 4% interest

Simple interest is computed by multiplying the principal to its rate and term.

SI = P * r * t

Since there are two accounts and two interest rates, I did a trial and error computation. It may be tedious but it gives the correct answer.
Account 1    Interest 4%     Account 2   Interest 2%   Total Interest
4,000.00 160.00   -     -                     160.00
3,000.00   120.00     1,000.00   20.00                   140.00
2,000.00   80.00     2,000.00 40.00                   120.00
1,000.00 40.00      3,000.00   60.00                   100.00
   0 0        4,000.00   80.00                     80.00

MarcusJ1002 MarcusJ1002 · Answer 2 · 2020-04-28T18:52:08+02:00

MarcusJ1002 MarcusJ1002

28-04-2020

Answer:

D) $3000

Step-by-step explanation:

Answer Link

Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?A)$2000B)$2500C)$2800D)$3000

Respuesta :

Otras preguntas

Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?
A)$2000
B)$2500
C)$2800
D)$3000