SOLUTION: jim invests a total of 50000 in 2 accounts, one earning 2.5% simple interest, the other earning 5 %. if after 2 years the account earning 5% has earned 500 more, how much was inves
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-> SOLUTION: jim invests a total of 50000 in 2 accounts, one earning 2.5% simple interest, the other earning 5 %. if after 2 years the account earning 5% has earned 500 more, how much was inves
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Question 1066806: jim invests a total of 50000 in 2 accounts, one earning 2.5% simple interest, the other earning 5 %. if after 2 years the account earning 5% has earned 500 more, how much was invested in the 5% account?
You can put this solution on YOUR website! Let = amount invested @ 2.5%
Let = interest earned by 2.5% account = interest earned by 5% account
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(1)
(1)
and
(2)
(2)
(2)
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(2)
(2)
Substitute (1) into (2)
(2)
(2)
(2)
and
(1)
(1)
(1)
and
$20,000 was invested @ 5%
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check:
(2)
(2)
(2)
and
OK
