SOLUTION: $6,000 dollars is invested in two different accounts earning 3% and 5% interest. At the end of one year, the two accounts earned $220 in interest. How much money was invested at 5%
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Question 535038: $6,000 dollars is invested in two different accounts earning 3% and 5% interest. At the end of one year, the two accounts earned $220 in interest. How much money was invested at 5%?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Investment I 3.00% per annum ---x
Investment II 5.00% per annum ---y
x + y= 6000 ------------------------1
3.00% x + 5.00% y= = $220.00
Multiply by 100
3 x + 5 y= = $22,000.00 --------2
Multiply (1) by -3
we get
-3 x -3 y= = -18000.00
Add this to (2)
0 x+ 2 y= = $4,000.00
divide by 2
y = $2,000.00
investment at 5.00%
Balance $4,000.00 investment at 3.00%
CHECK
$4,000.00 --------- 3.00% ------- $120.00
$2,000.00 ------- 5.00% ------- $100.00
Total -------------- $220.00
m.ananth@hotmail.ca
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