Math Problem Statement
Jyn Erso had $2000 in credits to invest. She chose to invest some in The Separatist Bank at 2.5% simple interest and some in the Republic Bank at 5% simple interest. At the end of the year she found that she had earned $55 in interest. Knowing this, how much did she initially invest in each bank?
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Algebra
Simple Interest
Linear Equations
Formulas
Simple Interest Formula I = P × r × t
Linear Equation for Total Interest: 0.025x + (100 - 0.05x) = 55
Theorems
-
Suitable Grade Level
Grades 9-11
Related Recommendation
Solving Investment Problems: Jolene's Savings in Two Bank Accounts
Investment Problem with Two Savings Accounts - Interest Calculation Using Linear Equations
How to Invest $50,000 to Earn $6,000 in Interest per Year
Solving Investment Allocation with Linear Equations
How to Allocate $70,000 Between Bonds and CDs to Earn $5,000 in Interest