SOLUTION: a person invested $20,000 in 2 accounts that pays 25% and 30%. the total interest in one year was $540. Find the amount invested in each account
i know simple interest=prt
th
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Question 804362: a person invested $20,000 in 2 accounts that pays 25% and 30%. the total interest in one year was $540. Find the amount invested in each account
i know simple interest=prt
the way i set it up is
bank 1-x
bank 2-$20,000-x
i used the equation 0.25x+.30(20000-x)=540 --> 0.25x+6000-0.30x=540
i got x=109,200
that didnt seem right so i used 0.30x+.25(20000-x)=540 --> 0.30x+5000-0.25x=540
i got x=-$89,200
i dont understand what im supposed to do
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Your answers are whack because the problem makes no sense. Even if the amount invested at 30% was zero and all of the $20,000 was invested at 25%, you would be getting $5000. So either your interest rates are out to lunch or the total amount of interest is missing a zero. I highly suspect the latter.
John
Egw to Beta kai to Sigma
My calculator said it, I believe it, that settles it
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