SOLUTION: The annual interest earned on two investments is $464. One investment is in a 2.3% tax free annual simple interest account, and the other investment is in a 5.6% annual simple inte
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: The annual interest earned on two investments is $464. One investment is in a 2.3% tax free annual simple interest account, and the other investment is in a 5.6% annual simple inte
Log On
Question 1158712: The annual interest earned on two investments is $464. One investment is in a 2.3% tax free annual simple interest account, and the other investment is in a 5.6% annual simple interest CD. The total amount invested is $13,000. How much is invested in each account Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! x at 2.3% so .023x interest--remember I=prt and 1 year t means interest is principal * rate
13000-x the remainder at .056 for $728-.056x interest
they add to $464
so -0,033x=-$264
x=$8000 and at 2.3% makes $184
13000-x=$5000 and at 5.6% makes $280
