Answered

Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Find reliable answers to your questions from a wide community of knowledgeable experts on our user-friendly Q&A platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

Scott invested a total of $5400 at two separate banks. One bank pays simple interest of 12% per year while the other pays simple interest at a rate of 8% per year. If Scott earned $552.00 in interest during a single year, how much did he have on deposit in each bank?

Sagot :

francocanacari

Answer:

Scott invested $ 3,000 at 12% annually, and $ 2,400 at 8% annually.

Step-by-step explanation:

Since Scott invested a total of $ 5400 at two separate banks, and one bank pays simple interest of 12% per year while the other pays simple interest at a rate of 8% per year, if Scott earned $ 552.00 in interest during a single year, to determine how much did he deposit in each bank, the following calculation must be performed:

5400 x 0.12 + 0 x 0.08 = 648

4400 x 0.12 + 1000 x 0.08 = 608

3000 x 0.12 + 2400 x 0.08 = 552

Therefore, Scott invested $ 3,000 at 12% annually, and $ 2,400 at 8% annually.

We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.