SOLUTION: you invested 5000 in two accounts paying 4% and 7% annual interest, respectively. if the total interest earned for the year was 320 how much was invested at each rate

SOLUTION: you invested 5000 in two accounts paying 4% and 7% annual interest, respectively. if the total interest earned for the year was 320 how much was invested at each rate

Algebra.Com

Question 319922: you invested 5000 in two accounts paying 4% and 7% annual interest, respectively. if the total interest earned for the year was 320 how much was invested at each rate
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.07x+.04(5,000-x)=320
.07x+200-.04x=320
.03x=320-200
.03x=120
x=120/.03
x=$4,000 invested @ 7%
5,000-4,000=$1,000 invested @ 4%.
Proof:
.07*4,000+04*1,000=320
280+40=320
320=320
RELATED QUESTIONS
if you invest $5000 between two accounts paying 7% and 9% annual interest, respectively.... (answered by addingup)

you invested $5000 between two accounts paying 7% and 9% annual interest, respectively.... (answered by ikleyn,greenestamps)

You invested $18,000 in two accounts paying %4 and %7 annual interest, respectively. If... (answered by MRperkins)

you invested $15,000 in two accounts paying 2% and 4% annual interest, respectively. If... (answered by Alan3354)

You invested $18,000 in two accounts paying 5% and 7% annual interest, respectively. If... (answered by stanbon)

You invested 5000 between two accounts paying 3% and 8% annual interest, respectively. If (answered by macston)

You invested $7000 in two accounts paying 7% and 8% annual interest, respectively. If the (answered by Algebraic)

You invested $7000 in two accounts paying 7% and 8% annual interest, respectively. If the (answered by mananth)

you invested $25,000 in two accounts paying 7% and 9% annual interest,respectively. If... (answered by richwmiller)