SOLUTION: Fatuma invests a total of $23,500 in two accounts paying 5% and 6% simple interest, respectively. How much was invested in each account if, after one year, the total interest was $
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Question 1037364: Fatuma invests a total of $23,500 in two accounts paying 5% and 6% simple interest, respectively. How much was invested in each account if, after one year, the total interest was $1,255.00 Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Let n=amount invested at 6%. Then:
.06n+.05(23500-n)=1255
.06n+1175-.05n=1255
.01n=80
n=80/.01=$8000 invested at 6%,$15500 invested at 5%!!!!!!!!!!!!!
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