SOLUTION: A total of $7900 is deposited into two simple interest accounts. On one account the annual simple interest rate is 3%, and on the second account the annual simple interest rate is
Algebra.Com
Question 770148: A total of $7900 is deposited into two simple interest accounts. On one account the annual simple interest rate is 3%, and on the second account the annual simple interest rate is 5%. The amount of interest earned for 1 year was $295. How much was invested in each account?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A total of $7900 is deposited into two simple interest accounts. On one account the annual simple interest rate is 3%, and on the second account the annual simple interest rate is 5%. The amount of interest earned for 1 year was $295. How much was invested in each account?
--------
I = Prt
-----
Equation:
int + int = 295
x*0.03*1 + (7900-x)*0.05*1) = 295
------
3x + 5(7900)-5x = 29500
-------
-2x = 29500-5*7900
2x = 10000
x = $5000 (amt. invested at 3%)
7900-x = $2900 (amt. invested at 5%)
=====================================
Cheers,
Stan H.
================
RELATED QUESTIONS
A total of $6600 is deposited into two simple interest accounts. On one account the... (answered by lwsshak3)
A total of $7500 is deposited into two simple interest accounts. On one account the... (answered by ptaylor)
A total of $5500 was deposited into two simple interest accounts.
On one account the... (answered by ikleyn)
A college sports foundation deposited a total of $24,000 into two simple interest... (answered by mananth)
A total of $7000 is deposited into two simple interest accounts. In one account the... (answered by math_tutor2020)
A total of P600 000 is deposited into two simple interest accounts. On one account the... (answered by jojo14344)
A total of $9500 is deposited into two simple interest accounts. On one account the... (answered by stanbon)
A total of $9,500 is deposited into two simple interest accounts. On one account, the... (answered by ikleyn)
an ivestment of $4400 is made into a 10.5% annual simple interest account. How much money (answered by josmiceli)