Question 1069930: Jim invests $30,000 in two separate accounts one,oays 4% per year simple,interest the other one,pays 6% his,investment,earns 4620 over the three year period how,much did he deposit in,each account
Answer by addingup(3677)   (Show Source):
You can put this solution on YOUR website! Total to invest: 30,000
One amount at 4%, let the amount be x: 0.04x
another amount at 6%, this amount will be 30,000-x
interest earned per year: 4,620/3 = 1540
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0.04x+0.06(30,000-x) = 1540
0.04x+1,800-0.06x = 1540
-0.02x = -260
x = 13,000 this is the amount invested at 4%
30,000-13,000 = 17,000 this is the amount invested at 6%
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