sal boxer divided a gift of $6000 into two different accounts. he placed $2000 in one account that earned an…

sal boxer divided a gift of $6000 into two different accounts. he placed $2000 in one account that earned an annual simple - interest rate of 7.5%. the remaining money was placed in an account that earned an annual simple interest rate of 8.25%. how much interest did sal earn from the two accounts after one year?

sal boxer divided a gift of $6000 into two different accounts. he placed $2000 in one account that earned an annual simple - interest rate of 7.5%. the remaining money was placed in an account that earned an annual simple interest rate of 8.25%. how much interest did sal earn from the two accounts after one year?

Answer

Explanation:

Step1: Calculate interest from first account

The simple - interest formula is $I = Prt$. For the first account, $P = 2000$, $r=0.075$ (since $7.5%=0.075$), and $t = 1$. So, $I_1=2000\times0.075\times1=150$.

Step2: Calculate the amount in the second account

The total amount is $5000$ and $2000$ is in the first account. So the amount in the second account $P_2=5000 - 2000=3000$.

Step3: Calculate interest from second account

For the second account, $P = 3000$, $r = 0.0825$ (since $8.25%=0.0825$), and $t = 1$. So, $I_2=3000\times0.0825\times1 = 247.5$.

Step4: Calculate total interest

The total interest $I=I_1 + I_2$. So, $I=150+247.5 = 397.5$.

Answer:

$397.5$