SOLUTION: An investor placed a total of $12,000 in two simple interest accounts. One account earned a simple interest rate of 6.2%, and the other earned a simple interest rate of 3.8%. The t
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Question 86253: An investor placed a total of $12,000 in two simple interest accounts. One account earned a simple interest rate of 6.2%, and the other earned a simple interest rate of 3.8%. The two accounts earned a total of $552. How much was invested in each account?
Answer by scianci(186) (Show Source): You can put this solution on YOUR website!
Interest = (Principal)(rate)(time), or I = Prt [r as a decimal, not a %]
In this case, you have two accountsearning a total of $552 interest between them. So, I + I = 552 ; Prt + Prt = 552. r is given for each account, and presumably t = 1. Let the P for one of the accounts be x and the other P is then 12,000 - x. Plug in each parameter and solve the resulting equation for x.
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