SOLUTION: Jim invests $30,000 in two separate accounts. One pays 4% each year simple interest the other pays 6% his investment earns 4620 over the three year period how much did he deposit

Question 1069927: Jim invests $30,000 in two separate accounts. One pays 4% each year simple interest the other pays 6% his investment earns 4620 over the three year period how much did he deposit in each account
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
Let n be the amount invested at 6%. Then the amount invested at 4% would be 30000-n. So:
3*.06n+3*.04(30000-n)=4620
.06n+.04(3000-n)=1540
.02n+1200=1540
.02n=340
n=17000
$17000 was invested at 6%; and $13000 was invested at 4%. ☺☺☺☺
RELATED QUESTIONS
Jim invests $30,000 in two separate accounts one,oays 4% per year simple,interest the... (answered by addingup)

Mr. Greenwood invests money in two accounts. His total investment was $25,000 if one... (answered by ikleyn,greenestamps)

Juanita has $24,000 to invest in two accounts that pay simple interest on an... (answered by lwsshak3)

Mr. Wilson invested money in two accounts. His total investment was $30,000. If one... (answered by mananth)

Mr. Wilson invested money in two accounts. His total investment was $40,000. If one... (answered by ikleyn)

A person invests a total of R200 000 in money-market accounts at three different banks: (answered by Boreal)

Investing: Ms. Jones invested $18,000 in two accounts. One account pays 6% simple... (answered by jenrobrody)

Ms. Jones invested $18,000 in two accounts. One account pays 6% simple interest and the... (answered by checkley77)

Juanita has 22000 to invest in two accounts that pay simple interest on an annual basis.... (answered by mananth)