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nicole1217
 3 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?
nicole1217
 3 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?

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

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

nicole1217
 3 years ago
Best ResponseYou've already chosen the best response.0idk what either of that is

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

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

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

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

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

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

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

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

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

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

nicole1217
 3 years ago
Best ResponseYou've already chosen the best response.0but the answer choices give two solutions

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

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

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

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

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

sheg
 3 years ago
Best ResponseYou've already chosen the best response.2cross 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

nicole1217
 3 years ago
Best ResponseYou've already chosen the best response.0ok thank you so much!

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