SOLUTION: Ms. Jamison plans to invest $3,800 in two accounts for one year. The first account earns a yearly interest of 3.5%. The second account earns a yearly interest of 6%. How much money
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-> SOLUTION: Ms. Jamison plans to invest $3,800 in two accounts for one year. The first account earns a yearly interest of 3.5%. The second account earns a yearly interest of 6%. How much money
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Question 1064744: Ms. Jamison plans to invest $3,800 in two accounts for one year. The first account earns a yearly interest of 3.5%. The second account earns a yearly interest of 6%. How much money does Ms. Jamison need to invest in the second account in order to earn $188 in interest from both accounts? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Ms. Jamison plans to invest $3,800 in two accounts for one year. The first account earns a yearly interest of 3.5%. The second account earns a yearly interest of 6%. How much money does Ms. Jamison need to invest in the second account in order to earn $188 in interest from both accounts?
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Quantity:: t + s = 3800 dollars
Interest:: 0.035t + 0.06s = 188 dollars
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35t + 35s = 35*3800
35t + 60s = 188000
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Subtract and solve for "s"::
25s = 55000
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s = $2200 (amt.invested at 6%)
t = 3800-2200 = $1600 (amt. invested at 3.5%)
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Cheers,
Stan H.
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