SOLUTION: Suppose $50,000 is divided into two bank accounts. One account pays 4% simple interest per year and the other pays 6.4%. After five years there is a total of $12,000 in interest be

Question 1133695: Suppose $50,000 is divided into two bank accounts. One account pays 4% simple interest per year and the other pays 6.4%. After five years there is a total of $12,000 in interest between the two accounts. How much was invested into the bank account that pays 4% simple interest (rounded to the nearest cent)?
Found 2 solutions by addingup, josmiceli:
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
0.04x + 0.064(50,000-x) = 12,000/5
0.04x + 3,200 - 0.064x = 2,400
-0.024x = -800
x = 33,333.33 this is the money invested at 4%
50,000-33,333.33 = 16,666.67
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Check:
The formula for simple interest is Prt
33,333.33 * 0.04 * 5 = 6,666.67
16,666.67 * 0.064 *5 = 5,333.33
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Total . . . . . . . . 12,000 Correct
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
For simple interest:

-----------------------------

(1)
and

(2)
----------------------------------
Substitute (1) into (2)

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$33,333.33 is invested in 4% interest account
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check:
(1)
(1)
and
(2)
(2)
(2)
(2)
OK

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