SOLUTION: When Sara changes jobs, she rolledover $8480.00 in her retirement account into 2 simple interest accounts. on 1 account the annual simple interest rate is 8.25%, the 2nd account ha

Question 173063: When Sara changes jobs, she rolledover $8480.00 in her retirement account into 2 simple interest accounts. on 1 account the annual simple interest rate is 8.25%, the 2nd account has annual simple interest rate is 5%. How much must be invested in each account if the 2 accounts earned the same amount of annual interest?
Answer by Mathtut(3670) (Show Source): You can put this solution on YOUR website!
lets call the amount invested in account 1, x and in account 2, y=(8400-x).
:
account 1-----> .0825(x)
:
account 2-----> .05(8480-x)
:
we set these two formula's equal to each other to determine the amounts at which account 1 and account 2 will be equal.
:
.0825x=.05(8480-x)
:
.0825x=424-.05x
:
.1325x=424
:
amount invested at 8.25%
:
amount invested at 5%

RELATED QUESTIONS
When Sara Whitehorse changed jobs, she rolled over the $7700.00 in her retirement account (answered by mananth)

When Sara Whitehorse changed jobs, she rolled over the $9990.00 in her retirement account (answered by jorel555)

Shelley decided to inveset 18000 of her retirement conservateily. She invested part of... (answered by ikleyn)

Kelly has $5000 to deposit into two accounts. one account earn 4.5% simple interest, the... (answered by mananth)

Angie has Php9500.00 in her savings account. If the bank pays 35% simple interest on... (answered by ikleyn)

Angie has Php9500.00 in her savings account. If he bank pays 35% simple interest on... (answered by ikleyn)

Raeann deposited $8000 into three accounts at her credit union: a checking account that... (answered by richwmiller)

A total of $7500 is deposited into two simple interest accounts. On one account the... (answered by ptaylor)

A total of $6600 is deposited into two simple interest accounts. On one account the... (answered by lwsshak3)