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Micah deposited $4000 between two savings account. One account earns 4% simple interest each year. The other account earns 2% simple interest. Last year Micah earned $140 interest on the accounts.


What amount was originally deposited into the account that pays 4% interest?

Verified Answer :

$3000 * 0.04 = $120
$100 * 0.02 = $20

total 2 accounts = $120 + $20 = $140

answer: $3000 was the originally deposited into the account that pays 4% interest.

Answer:

The amount that is deposited at 4 % simple interest is $ 3000.

Step-by-step explanation:

Given, the total amount deposited = $ 4000,

Let x be the amount that is deposited at the rate of 4 % simple interest,

⇒ The amount deposited at the rate of 2% simple interest = ( 4000 - x ) dollars,

We know that,

The simple interest on an amount is,

\(I=\frac{P\times r\times t}{100}\)

Where, P is the principal amount, r is rate of interest and t is time,

Thus, the total interest he earned in a year

\(I=\frac{x\times 4\times 1}{100}+\frac{(4000-x)\times 2\times 1}{100}\)

\(=\frac{4x}{100}+\frac{2(4000-x)}{100}\)

\(=\frac{4x+2(4000-x)}{100}\)

According to the question,

I = $ 140,

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Hence, the amount that is deposited at 4 % simple interest is $ 3000.

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