SOLUTION: 25000 is placed in the bank, part in an account earning 10% and part in an account earning 15% interest. The annual interest paid on the 25000 is 3350. How much money is in the 1

Question 102754: 25000 is placed in the bank, part in an account earning 10% and part in an account earning 15% interest. The annual interest paid on the 25000 is 3350. How much money is in the 10% account?
Answer by Earlsdon(6294) (Show Source): You can put this solution on YOUR website!
Start by assigning a variable to the unknown quantity which is the amount placed in the account that earns 10%.
Let x = the amount earning 10%, then ($25,000-x) is the remainder that earns 15%. So 10% of x plus 15% of ($25,000-x) = $3,350
That is, the sum of these two interest amounts is given as $3,350
Now you can write an equation to solve for x. Change the percentages to their decimal equivalents: 10% = 0.1 and 15% = 0.15
0.1x +0.15($25,000-x) = $3,350 Simplify this and solve for x.
0.1x + $3,750 - 0.15x = $3,350 Combine like-terms.
(0,1-0.15)x + $3,750 = $3,350
-0.05x + $3,750 = $3,350 Subtract $3,750 from both sides.
-0.05x = -$400 Finally, divide both sides by -0.05
x = $8,000 This is the amount in the 10% account.

RELATED QUESTIONS
Suppose an investment of $25000 is placed in an account earning 5.5% interest compounded... (answered by JessicaGill)

Cheryl invests her inheritance in 2 separate accounts. She puts part of it in an account (answered by Theo)

$1500 is deposited in an account earning 4.5% annual interest. If the money earns simple... (answered by ankor@dixie-net.com)

A newly MBA graduate received an $18000 signing bonus from her employer. She invested... (answered by checkley79)

lisa jenkins invested part of her $8000 inheritance in an account earning 5% simple... (answered by checkley77)

im struggling with this: algelica invested part of her 15000 dollar inheritance in an... (answered by Theo,greenestamps)

if $20000 is deposited in an account earning an annual rate of 8%, compounded monthly how (answered by ikleyn)

Joe invested $5,200 in an account earning 3.8% annual interest that is compounded... (answered by Fombitz)

Recall that a formula bank account earning compound interest is A=P(1+r/m)^mt - given (answered by solver91311)