Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?
A)$2000
B)$2500
C)$2800
D)$3000

Question

TaylorPayne TaylorPayne

26-01-2016
Mathematics

Answered

Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?
A)$2000
B)$2500
C)$2800
D)$3000

Verified Answer :

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taskmasters taskmasters · Answer 1 · 2016-01-26T11:52:49-05:00

Ernie deposited D.) 3000 to the account that paid 4% interest

Simple interest is computed by multiplying the principal to its rate and term.

SI = P r t

Since there are two accounts and two interest rates, I did a trial and error computation. It may be tedious but it gives the correct answer.

Account 1    Interest 4%     Account 2   Interest 2%   Total Interest


4,000.00
160.00   -
  -
                  160.00


3,000.00
  120.00
    1,000.00
  20.00
                  140.00


2,000.00
  80.00
    2,000.00
40.00
                  120.00


1,000.00
40.00
     3,000.00
  60.00
                  100.00


   0 0        4,000.00
  80.00

80.00

MarcusJ1002 MarcusJ1002 · Answer 2 · 2020-04-28T12:52:08-04:00

MarcusJ1002 MarcusJ1002

28-04-2020

Answer:

D) $3000

Step-by-step explanation:

Answer Link

Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?A)$2000B)$2500C)$2800D)$3000

Verified Answer :

Related Questions

Ernie deposited $4000 between two savings accounts. One account paid 4% simple interest and the other paid 2%. At the end of one year, Ernie had earned $140 in interest for both accounts. How much money did Ernie deposit in the account that paid 4% interest?
A)$2000
B)$2500
C)$2800
D)$3000