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nicole1217
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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?
 2 years ago
 2 years ago
nicole1217 Group Title
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?
 2 years ago
 2 years ago

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nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
come on guys u can do it please help!
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
simple interest or compound???
 2 years ago

nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
idk what either of that is
 2 years ago

nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
u should use the formula I= prt
 2 years ago

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

nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
i was taught to use I = prt but whatever is easiest
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
ok that is the formula for simple interest
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
ok so shami and reese have deposited the amount for the same amount of time right
 2 years ago

nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
uh yeah guess
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
ok let us assume shami has deposited amount x so reese will deposit how much???
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
Sharmi deposits $200 less than Reese.
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
correct your value
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
it would be x+200
 2 years ago

sheg Group TitleBest 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 \[\large{I= P\times{r}\times{t}}\]
 2 years ago

nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
so 100= x(0.5) t ???
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
no r = 5% = 5/100 = 0.05
 2 years ago

nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
\[100= x(0.05) t\] ???
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
yes now solve for t
 2 years ago

nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
but the answer choices give two solutions
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
ok wait first solve for t
 2 years ago

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

sheg Group TitleBest 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 \[\large{I= P\times{r}\times{t}}\]
 2 years ago

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

nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
ohhh okay so i solve for sharmi and then reese and thats the answer
 2 years ago

sheg Group TitleBest 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
 2 years ago

nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
is it 600 ??
 2 years ago

sheg Group TitleBest 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
 2 years ago

nicole1217 Group TitleBest ResponseYou've already chosen the best response.0
ok thank you so much!
 2 years ago

sheg Group TitleBest ResponseYou've already chosen the best response.2
have u understood how to solve
 2 years ago
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