SOLUTION: When Sara Whitehorse changed jobs, she rolled over the $9990.00 in her retirement account into two simple interest accounts. On one account, the annual simple interest rate is 8.5%
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Question 1053314: When Sara Whitehorse changed jobs, she rolled over the $9990.00 in her retirement account into two simple interest accounts. On one account, the annual simple interest rate is 8.5%, and on the second account, the annual simple interest is 5%.
How much must be invested in each account if the two accounts earned the same amount of annual interest?
(x at 8.5% and y at 5%.) Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Let n be the amount invested at 8.5 %. Then:
.085n=.05(9990-n)
.085n=499.5-.05n
.135n=499.5
n=$3700 invested at 8.5%; $6290 invested at 5%. ☺☺☺☺
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