You have two saving accounts, one with a nominal interest rate of 5% and the other with a nominal interest rate of 7%, and both are compounded twice a year. At the end of 10 years, the total in the two accounts is $1000. At the end of 20 years, the amount in the first account is twice the amount in the second account. What is the total in the two accounts after 5 years?

Answer rating: 100% (QA)

Let A be the initial amount in the 5 interest rate account B be the initial amount in the 7 interest ... View the full answer