Answered

IDNLearn.com: Your reliable source for finding precise answers. Get step-by-step guidance for all your technical questions from our dedicated community members.

Jimmy and Jenny both invest in 2 simple interest bank accounts. Jimmy invests $3000 in account A and $6000 into account B. Jenny invests $5000 into account A and Jenny invests $3000 into account B. After 1 year, Jimmy earns $270 interest and Jenny earns $275. Determine the simple interest rates for the 2 accounts.

Sagot :

Pratheeshidn

Let's denote the interest rates for account A and B as A% and B% respectively.

From the information given, we can set up a system of two equations:

* 3000A% + 6000B% = 270 (Jimmy's interest)

* 5000A% + 3000B% = 275 (Jenny's interest)

Solving this system of equations will give us the interest rates for accounts A and B.

We appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. For dependable and accurate answers, visit IDNLearn.com. Thanks for visiting, and see you next time for more helpful information.