## anonymous 4 years ago Sharmi and Reese each deposit money into a savings account. Sharmi deposits $200 less than Reese. After the same amount of time, Reese has earned$90 in interest at a rate of 3% per year, and Sharmi has earned $100 in interest at a rate of 5% per year. How much money did Reese and Sharmi initially deposit into their savings accounts? • This Question is Closed 1. anonymous come on guys u can do it please help! 2. anonymous simple interest or compound??? 3. anonymous idk what either of that is 4. anonymous u should use the formula I= prt 5. anonymous what is the formula is it $\large{I= Prt}$ or, $\large{A= P\times(1+r)^n}$ 6. anonymous i was taught to use I = prt but whatever is easiest 7. anonymous ok that is the formula for simple interest 8. anonymous ok so shami and reese have deposited the amount for the same amount of time right 9. anonymous uh yeah guess 10. anonymous ok let us assume shami has deposited amount x so reese will deposit how much??? 11. anonymous x-200 12. anonymous Sharmi deposits$200 less than Reese.

13. anonymous

14. anonymous

it would be x+200

15. anonymous

oh ok

16. anonymous

Now in Shami's Case P = $x r = 5% I =$ 100 Now plug in these values in this equation and solve for t $\large{I= P\times{r}\times{t}}$

17. anonymous

so 100= x(0.5) t ???

18. anonymous

no r = 5% = 5/100 = 0.05

19. anonymous

$100= x(0.05) t$ ???

20. anonymous

yes now solve for t

21. anonymous

but the answer choices give two solutions

22. anonymous

ok wait first solve for t

23. anonymous

on solving for t you will get $\large{t= {{100}\over{0.05x}}}= {{10000}\over{5x}}$

24. anonymous

Similarly in reese's Case P = $(x+200) r = 3% I =$ 90 Now plug in these values in this equation and solve for t $\large{I= P\times{r}\times{t}}$

25. anonymous

you will get $\large{t= {{90}\over{0.03(x+200)}}}$ now equate these two equations

26. anonymous

ohhh okay so i solve for sharmi and then reese and thats the answer

27. anonymous

you will get $\large{{10000}\over{5x}}= \large{{90}\over{0.03(x+200)}}$ now solve for x

28. anonymous

is it 600 ??

29. anonymous

cross multiply you will get 10000*0.03(x+200) = 5x*90 300(x+200) = 450x 300x + 60000 = 450x 450x -300x = 60000 150x = 60000 x = 60000/150 x = 400 so shami deposited $400 and reese deposited$400 + $200 =$600

30. anonymous

ok thank you so much!

31. anonymous

have u understood how to solve