SOLUTION: You invested $22,000 in two accounts paying 3% and 5% annual interest, respectively. If the total interest earned for the year was $980, how much was invested at each rate?

Question 829818: You invested $22,000 in two accounts paying 3% and 5% annual interest, respectively. If the total interest earned for the year was $980, how much was invested at each rate?
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
You invested $22,000 in two accounts paying 3% and 5% annual interest, respectively. If the total interest earned for the year was $980, how much was invested at each rate?
***
let x=amt invested at 3% rate of interest.
22000-x=amt invested at 5% rate of interest.
..
.03x+.05(22000-x)=980
.03x+1100-.05x=980
.02x=120
x=6000
22000-x=16000
amt invested at 3% rate of interest=$6,000
amt invested at 5% rate of interest=$16,000
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