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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?
 one year ago
 one year 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?
 one year ago
 one year ago

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nicole1217Best ResponseYou've already chosen the best response.0
come on guys u can do it please help!
 one year ago

shegBest ResponseYou've already chosen the best response.2
simple interest or compound???
 one year ago

nicole1217Best ResponseYou've already chosen the best response.0
idk what either of that is
 one year ago

nicole1217Best ResponseYou've already chosen the best response.0
u should use the formula I= prt
 one year ago

shegBest ResponseYou've already chosen the best response.2
what is the formula is it \[\large{I= Prt}\] or, \[\large{A= P\times(1+r)^n}\]
 one year ago

nicole1217Best ResponseYou've already chosen the best response.0
i was taught to use I = prt but whatever is easiest
 one year ago

shegBest ResponseYou've already chosen the best response.2
ok that is the formula for simple interest
 one year ago

shegBest ResponseYou've already chosen the best response.2
ok so shami and reese have deposited the amount for the same amount of time right
 one year ago

shegBest ResponseYou've already chosen the best response.2
ok let us assume shami has deposited amount x so reese will deposit how much???
 one year ago

shegBest ResponseYou've already chosen the best response.2
Sharmi deposits $200 less than Reese.
 one year ago

shegBest ResponseYou've already chosen the best response.2
Now in Shami's Case P = $ x r = 5% I = $ 100 Now plug in these values in this equation and solve for t \[\large{I= P\times{r}\times{t}}\]
 one year ago

nicole1217Best ResponseYou've already chosen the best response.0
so 100= x(0.5) t ???
 one year ago

nicole1217Best ResponseYou've already chosen the best response.0
\[100= x(0.05) t\] ???
 one year ago

nicole1217Best ResponseYou've already chosen the best response.0
but the answer choices give two solutions
 one year ago

shegBest ResponseYou've already chosen the best response.2
ok wait first solve for t
 one year ago

shegBest ResponseYou've already chosen the best response.2
on solving for t you will get \[\large{t= {{100}\over{0.05x}}}= {{10000}\over{5x}}\]
 one year ago

shegBest ResponseYou've already chosen the best response.2
Similarly in reese's Case P = $ (x+200) r = 3% I = $ 90 Now plug in these values in this equation and solve for t \[\large{I= P\times{r}\times{t}}\]
 one year ago

shegBest ResponseYou've already chosen the best response.2
you will get \[\large{t= {{90}\over{0.03(x+200)}}}\] now equate these two equations
 one year ago

nicole1217Best ResponseYou've already chosen the best response.0
ohhh okay so i solve for sharmi and then reese and thats the answer
 one year ago

shegBest ResponseYou've already chosen the best response.2
you will get \[\large{{10000}\over{5x}}= \large{{90}\over{0.03(x+200)}}\] now solve for x
 one year ago

shegBest ResponseYou've already chosen the best response.2
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
 one year ago

nicole1217Best ResponseYou've already chosen the best response.0
ok thank you so much!
 one year ago

shegBest ResponseYou've already chosen the best response.2
have u understood how to solve
 one year ago
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