document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1199890>Question 1199890</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A total of $7000 is deposited into two simple interest accounts. In one account the annual simple interest rate is 3%, and in the second account the annual simple interest rate is 7%. The amount of interest earned for 1 year was $250. How much was invested in each account? </SPAN>\n" );
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document.write( "The simple interest formula is<BR>\n" );
document.write( "i = P*r*t<BR>\n" );
document.write( "where,<BR>\n" );
document.write( "i = interest<BR>\n" );
document.write( "P = deposit<BR>\n" );
document.write( "r = interest rate in decimal form<BR>\n" );
document.write( "t = number of years\r<BR>\n" );
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document.write( "Let <BR>\n" );
document.write( "x = amount deposited at 3% rate<BR>\n" );
document.write( "7000-x = amount deposited at 7% rate<BR>\n" );
document.write( "The two items add to $7000\r<BR>\n" );
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document.write( "For the 3% account<BR>\n" );
document.write( "i = P*r*t<BR>\n" );
document.write( "i = x*0.03*1<BR>\n" );
document.write( "i = 0.03x\r<BR>\n" );
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document.write( "For the 7% account<BR>\n" );
document.write( "i = P*r*t<BR>\n" );
document.write( "i = (7000-x)*0.07*1<BR>\n" );
document.write( "i = 490-0.07x\r<BR>\n" );
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document.write( "Total interest = 0.03x+(490-0.07x)<BR>\n" );
document.write( "Total interest = -0.04x+490\r<BR>\n" );
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document.write( "Set that equal to $250 and solve for x.<BR>\n" );
document.write( "Total interest = 250<BR>\n" );
document.write( "-0.04x+490 = 250<BR>\n" );
document.write( "-0.04x = 250-490<BR>\n" );
document.write( "-0.04x = -240<BR>\n" );
document.write( "x = -240/(-0.04)<BR>\n" );
document.write( "x = 6000<BR>\n" );
document.write( "$6000 was invested at 3% interest rate.\r<BR>\n" );
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document.write( "Then use mental math to determine the remaining amount invested must be $1000\r<BR>\n" );
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document.write( "Or you can say: 7000-x = 7000-6000 = 1000\r<BR>\n" );
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document.write( "Check:<BR>\n" );
document.write( "6000+1000 = 7000<BR>\n" );
document.write( "6000*0.03+1000*0.07 = 250<BR>\n" );
document.write( "Both conditions are verified.\r<BR>\n" );
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document.write( "Answer:<BR>\n" );
document.write( "<font color=red>$6000</font> invested at 3%<BR>\n" );
document.write( "<font color=red>$1000</font> invested at 7%<BR>\n" );
document.write( "</font> </SPAN>\n" );
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