Question

Last year. Kareem deposited into an account that paid 4% interest per year and $6000 into an account that paid 9% interest per year. No with withdrawals were made from either account. No rounding needed What was the total interest earned at the end of 1 year? What was the percent interest for the total deposited?

Answer 1

$\begin{gathered} \text{Account 1} \\ \text{\ 2000} \\ \text{4\%=0.04} \\ Interest=(\text{\ 2000})(\text{0.04}) \\ Interest=\text{\ }80 \\ \text{Account 2} \\ \text{\ 6000} \\ 9\text{\%=0.09} \\ Interest=(\text{\ 6000})(\text{0.09}) \\ Interest=\text{\ }540 \\ \text{Total interest=\ 80+\ 540}=\text{\ 620} \\ \text{Total interest is \ 620} \\ \text{Question b)} \\ \text{Total interest=\ 620} \\ \text{Total deposited=\ 2000}+\text{\ 6000}=\text{\ 8000} \\ \text{percent =}\frac{\text{\ 620}}{\text{\ 8000}}\cdot100 \\ \text{percent =}7.75\text{ \%} \\ \text{The percent interest for the total deposited is }7.75\text{ \%} \end{gathered}$