Question

So this is a two part question and it’s throwing me off Last year, Lamar deposited $2000 into an account that paid 2% interest per year and $3000 into an account that paid 6% interest per year. No withdrawals were made from the accounts. 1st. What was the total interest earned at the end of 1 year? 2nd what was the percent interest for the total deposited?

Answer 1

a) Total interest = $220

b) percent interest for the total deposited is 4.4%

Step-by-step explanation:

a) Let account A: 2% interest per year

Amount deposited = $2000

simple interest on the deposit = rate × amount deposited

simple interest on account A = 2% × 2000

`\text{sim ple interest = }(2*2000)/(100)\text{ = \$40}`

let account B: 6% interest per year

Amount deposited = $3000

simple interest on account B = 6% × 3000

`\text{sim ple interest = }(6*3000)/(100)\text{ = \$180}`

Total interest at the end of year 1:

`\begin{gathered} \text{Total = interest on A + interest on B} \\ \text{Total = 40 + 180} \\ \text{Total interest at the end of year 1 }=\text{ \$220} \end{gathered}`

b) Percent interest for the total deposited:

`\text{Percent interest = }\frac{Total\text{ interest at the end of year 1}}{\text{Total amount deposited }}*100`

Total deposited = $2000 + $3000 = $5000

`\begin{gathered} \text{Percent of interest = }(220)/(5000)*100 \\ \text{Percent of interest = }0.044\text{ }*100 \\ \\ \text{Percent of interest for total deposited = 4.4\%} \end{gathered}`