SOLUTION: Elaine invested some money in an account paying 16%, and $100 more in an account paying 24%. If the amount of interest earned that year at 24% was $220 more than at 16%, how much w
Algebra.Com
Question 1088594: Elaine invested some money in an account paying 16%, and $100 more in an account paying 24%. If the amount of interest earned that year at 24% was $220 more than at 16%, how much was invested at each rate>
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.
I just solved very similar problem at this link
https://www.algebra.com/algebra/homework/word/finance/Money_Word_Problems.faq.question.1088596.html
https://www.algebra.com/algebra/homework/word/finance/Money_Word_Problems.faq.question.1088596.html
Consider it as your sample. Read it attentively.
Then solve your problem using the same logic and steps.
In this way you will test yourself whether you understand what was explained to you once.
Good luck and happy learning !
RELATED QUESTIONS
Juan invests $250,000 in two accounts. Juan would like to earn $7700 a year to pay some... (answered by stanbon)
Tony had $9000 to invest. He invested some an account paying 8.5% simple interest and... (answered by checkley79)
Melinda invested twice as much money in an
account paying 5% simple interest as she did (answered by ikleyn)
A woman has invested money in two accounts. Part of the money is invested in an account... (answered by mananth)
Marta invested three times as much money in an account paying 6% interest than she did in (answered by ankor@dixie-net.com)
$3,000 is invested in an account paying 4% interest and twice that amount is invested at... (answered by jorel1380)
Barneys money earned $204 in interest after 1 year. He invested some of is money in an... (answered by richwmiller)
Mrs. Ming invested an amount of money in two accounts for one year. She invested some at... (answered by solver91311)
Ms. Riley deposited some money in an account paying 5% simple interest and twice that... (answered by mananth)