Help I don't understand this
2 answers:
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Answer:
In the first account was invested at 3%
In the second account was invested at 5%
Step-by-step explanation:
we know that
The simple interest formula is equal to
where
I is the Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
First account
substitute in the formula above
Second account
substitute in the formula above
Remember that
The interest is equal to
so
Adds the interest of both accounts
therefore
In the first account was invested at 3%
In the second account was invested at 5%