Answer:
Step-by-step explanation:
Use the basic simple interest formula:
P * r * t = I and put the info into a table with those variables along the top, formig the columns we need:
P * r * t = I
Acct 1
Acct 2
If we have a total of 1500 to split up between 2 accounts, we put x amount of money into one and then have 1500-x left to put into the other. We will fill those in along with the interest rates in decimal form and the time of 1 year:
P * r * t = I
Acct 1 x .04 1
Acct 2 1500-x .05 1
Looking at the formula we are told that Prt = I, so we will multiply P times r times t and fill in the I column:
P * r * t - I
Acct 1 x .04 1 .04x
Acct 2 1500-x .05 1 .05(1500-x)
The total Interest earned by the addition of the interest earned from both accounts is 69.50. So we add the interest column together and set it equal to 69.50:
.04x + .05(1500 - x) = 69.50 and
.04x + 75 - .05x = 69.50 and
-.01x = -5.5 so
x = 550
That's how much money is in the account earning 4% interest.
