SOLUTION: A woman invested some money in a credit union paying 5 percent annual simple interest and three times as much in a money market account paying 4.25% annual simple interest. If she
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: A woman invested some money in a credit union paying 5 percent annual simple interest and three times as much in a money market account paying 4.25% annual simple interest. If she
Log On
Question 1047891: A woman invested some money in a credit union paying 5 percent annual simple interest and three times as much in a money market account paying 4.25% annual simple interest. If she earned $1520 interest in one year, how much did she invest in each account? Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! Let "some money" be x.
0.05x+0.0425(3x) = 1520
0.05x+0.1275x = 1520
0.1775x = 1520
x = 8563.38 is invested at 5% and:
3(8563.38) = 25690.14 is at 4.25
---------------------------------
Check:
0.05(8563.38) = 428.17
0.0425(25690) = 1091.83
. . . . . . . ---------
Total . . . . 1520 Correct
:
John
