Answered

So this is a two part question and it’s throwing me off Last year, Lamar deposited $2000 into an account that paid 2% interest per year and $3000 into an account that paid 6% interest per year. No withdrawals were made from the accounts. 1st. What was the total interest earned at the end of 1 year? 2nd what was the percent interest for the total deposited?

Answer :

a) Total interest = $220

b) percent interest for the total deposited is 4.4%

Explanation:

a) Let account A: 2% interest per year

Amount deposited = $2000

simple interest on the deposit = rate × amount deposited

simple interest on account A = 2% × 2000

[tex]\text{sim ple interest = }\frac{2\times2000}{100}\text{ = \$40}[/tex]

let account B: 6% interest per year

Amount deposited = $3000

simple interest on account B = 6% × 3000

[tex]\text{sim ple interest = }\frac{6\times3000}{100}\text{ = \$180}[/tex]

Total interest at the end of year 1:

[tex]\begin{gathered} \text{Total = interest on A + interest on B} \\ \text{Total = 40 + 180} \\ \text{Total interest at the end of year 1 }=\text{ \$220} \end{gathered}[/tex]

b) Percent interest for the total deposited:

[tex]\text{Percent interest = }\frac{Total\text{ interest at the end of year 1}}{\text{Total amount deposited }}\times100[/tex]

Total deposited = $2000 + $3000 = $5000

[tex]\begin{gathered} \text{Percent of interest = }\frac{220}{5000}\times100 \\ \text{Percent of interest = }0.044\text{ }\times100 \\ \\ \text{Percent of interest for total deposited = 4.4\%} \end{gathered}[/tex]

Go Question: Other Questions