A bank is offering 3.5% simple interest on a savings account. If you deposit $7,500, how much much will…
A bank is offering 3.5% simple
interest on
a savings account. If you
deposit $7,500, how much
much will
savings account be
worth
will your
in two years?
х dollars — part of 8% per annum ⇒ 0.08x doll. — income
(1000-x) dollars — part of 8% per annum ⇒ 0.09(1000-x) doll. — income
0.08x — 0.09(1000-x) = 84
0.08x — 90 — 0.09x = 84
0.01x = 6
x = 600
$600 — part of 8% per annum
$400 — part of 9% per annum