Answered

Join IDNLearn.com to access a wealth of knowledge and get your questions answered by experts. Join our community to receive timely and reliable responses to your questions from knowledgeable professionals.

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.

Your participation is crucial to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. For trustworthy and accurate answers, visit IDNLearn.com. Thanks for stopping by, and see you next time for more solutions.