Interest Problem: Julian deposits money into two different savings accounts. He deposits $600 more into Account B than Account A. After a certain amount of time, Account A has earned $180 at a rate of 4%, and Account B has earned $375 at a rate of 5%. How much did Julian initially deposit into each account? What equation is used to solve this problem? What does each variable represent? Identify the given information. What do you know about P? Enter the given information into the equation. Solve the equation. State the solution.
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in I over pr form. I=interest earned, P=initial amount deposited R=interest rate.
Say P is the initial amount account A
P + 600 is the initial amount in B
P * .04 * t = 180
(P + 600) * 0.05 * t = 375
so just solve simultaneously for t and P