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Manhattan Prep
Jeremiah invests his savings of $120,000 by dividing it between two interest-earning accounts. He puts 3/4 of his savings in an account that earns lower interest and 1/4 of his savings in an account that earns higher interest. He has no other accounts that earn interest, and he makes $3,636 in interest at the end of the year. If one account earns 2 percent annual interest, and both accounts are compounded semi-annually, what percent interest does the other account earn?
A. 3
B. 4
C. 5
D. 6
E. 7
OA D
Jeremiah invests his savings of $120,000 by dividing it between two interest-earning accounts. He puts 3/4 of his savings in an account that earns lower interest and 1/4 of his savings in an account that earns higher interest. He has no other accounts that earn interest, and he makes $3,636 in interest at the end of the year. If one account earns 2 percent annual interest, and both accounts are compounded semi-annually, what percent interest does the other account earn?
A. 3
B. 4
C. 5
D. 6
E. 7
OA D
