Question
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\( 3 i l l \) nterest. In his passbook account, he earns \( 5 \% \) simple interest. At the end of one year, Bill earned a total of \( \$ 150 \) interest in his two savings accounts. Which equation is sed to calculate \( x \), the amount Bill invested in his money market account? \( \begin{array}{l}(6000-x)(0.02)(1)+(x)(0.05)(1)=150 \\ (6000-x)(2)(1)+(x)(5)(1)=150 \\ (x)(0.02)(1)+(x)(0.05)(1)=6000 \\ (x)(2)(1)+(6000-x)(5)(1)=150 \\ (x)(0.02)(1)+(6000-x)(0.05)(1)=150\end{array} \)

Ask by Weston Ward. in the United States
Dec 04,2024

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The correct equation is \( (6000-x)(0.02) + (x)(0.05) = 150 \).

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Bonus Knowledge

To solve Bill's investment puzzle, let’s break it down! He has two accounts: one with 2% interest and another with 5% interest, and he’s invested a total of $6000. The first equation correctly captures how both parts of his investment contribute to the total interest earned. It states that the sum of the interest from both accounts equals $150 at the end of the year. Now, if you’re feeling a little tricky and want to double-check your choice of equations, just remember that the interest from the money market account (where he earns 5%) is based on what he invests in it. So while the setup looks a tad complex, it really simplifies to comparing the contributions each account has made to that nifty $150! So, the correct equation to determine \( x \), the amount in the money market account, is indeed: \[ (6000 - x)(0.02)(1) + (x)(0.05)(1) = 150 \]

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