Question 1168226: Jackie deposited Php 75 000 in two separate accounts-a certain amount at 3% annual interest and the remaining amount at 2.5%. If at the end of the year, the interest gained from both accounts was 2 175, how much did she invest at each rate?
Answer by ikleyn(52781)   (Show Source):
You can put this solution on YOUR website! .
Jackie deposited Php 75 000 in two separate accounts-a certain amount at 3% annual interest
and the remaining amount at 2.5%. If at the end of the year, the interest gained from both accounts
was 2 175, how much did she invest at each rate?
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Let x be the amount invested at 2.5% annual interest.
Then the amount invested at 3% is (75000-x).
Write an equation for the total annual interest
0.03x + 0.025(75000-x) = 2175. (1)
Simplify and find x
0.03x + 1875 -0.025x = 2175
0.03x - 0.025x = 2175 - 1875
0.005x = 300
x = 300/0.005 = 60,000.
Thus Php 60,000 invested at 3%, and the rest, 75,000-60,000 = 15,000 Php invested at 2.5%. ANSWER
You may check that this answer is correct, by substituting the found values into equation (1).
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