Jameson has invested $750 in a simple intrested account that has an annual interest rate of 6.2%. how
much he invest in a second account that earns 5% simple interest so that the interest earned on the second account is the same as that earned on the first account?
iam stuck on this problem, any help will be any help will be greatly appreciated.
1 Answer
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Interest on the $750 = 750*0.062 = $46.50
46.50 / 0.05 = $930 <principal invested in the 5% account such that interest on it = interest on the $750 in the 6.2% account
check math: $930 * 0.05 = $46.50