SOLUTION: You invest $10,000 into 2 accounts, one earning 2% and the other 4%. The dividends are $320 at the end of the year. Find the amount in the 2% account.
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Question 229043: You invest $10,000 into 2 accounts, one earning 2% and the other 4%. The dividends are $320 at the end of the year. Find the amount in the 2% account.
Answer by MLipsky(9) (Show Source): You can put this solution on YOUR website!
We don't know how much is in either account. We do know that both accounts total $10,000.
Amount in first account: x
Amount in second account: 10000-x
The dividends from the first account will be 2% of "x", and from the second account, they'll be 4% of "10000-x".
0.02x
0.04(10000-x)
The total dividends are $320.
0.02x + 0.04(10000-x) = 320
0.02x + 400 - 0.04x = 320 (distributed 0.04)
-0.02x + 400 = 320 (combines like terms, "x")
-0.02x = -80 (subtracted 400 from both sides)
x = -80/-0.02 (divided both sides by -0.02)
x = 4000
So, there is $4000 in the first account, and looking back at the question, that's what it was asking. Done!
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