SOLUTION: You invested a total of $12,000 at 4 1/ 2 % and 5% simple interest. During one year, the two accounts earned $580. How much did you invest in each account?
Algebra ->
Percentage-and-ratio-word-problems
-> SOLUTION: You invested a total of $12,000 at 4 1/ 2 % and 5% simple interest. During one year, the two accounts earned $580. How much did you invest in each account?
Log On
Question 1019368: You invested a total of $12,000 at 4 1/ 2 % and 5% simple interest. During one year, the two accounts earned $580. How much did you invest in each account? Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! Call the amount invested at 4.5%, x.
Then the amount invested at 5% must be 12000-x.
The setup looks like this:
.045x + .05(12000-x) = 580
Now work it out...
.045x + 600 - .05x = 580
-.005x = -20
x = $4000 invested at 4.5% so that
12000-x = $8000 at 5%
