SOLUTION: I invested $5000, part of which in an account that pays 6% interest and the other part in that pays 8.5% interest. If the interest earned in one year is $387.50, how much did I inv

Algebra ->  Finance -> SOLUTION: I invested $5000, part of which in an account that pays 6% interest and the other part in that pays 8.5% interest. If the interest earned in one year is $387.50, how much did I inv      Log On


   

Question 301830: I invested $5000, part of which in an account that pays 6% interest and the other part in that pays 8.5% interest. If the interest earned in one year is $387.50, how much did I invest in each account? (Use the formula PrT=I)
Answer by mananth(16946) About Me  (Show Source):
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I invested $5000, part of which in an account that pays 6% interest and the other part in that pays 8.5% interest. If the interest earned in one year is $387.50, how much did I invest in each account? (Use the formula PrT=I)
let me invest $ x at 6%
$5000-x will ne invested @8.5%
Total interest on both the investments = $387.50
sum of interest from each = total interest
0.06x+0.085(5000-x)=387.50
0.06x+425-0.085x=387.50
-0.025x=387.50-425
-0.025x= -37.5
x= -37.5/-0.025
x= 1500 the money invested @6%
balance $3500 is invested at8.5%
Ananth