Question 1129558: Alewuya invests a total of $24,500 in two accounts. The first account earned a rate of return of 6% (after a year). However, the second account suffered a 5% loss in the same time period. At the end of one year, the total amount of money gained was $-345.00. How much was invested into each account?
Gained 6% account-
invested in account lost 5%-
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Alewuya invests a total of $24,500 in two accounts. The first account earned a rate of return of 6% (after a year). However, the second account suffered a 5% loss in the same time period. At the end of one year, the total amount of money gained was $-345.00. How much was invested into each account?
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Equation:
gained - lost = -345
0.06x - 0.05(24500-x) = -34500
6x - 5*24500 + 5x = -34500
11x = -34500 + 122500
x = $8000 (amt. invested at 6%)
24500 - 8000 = $16500 (amt. invested at 5%)
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Cheers,
Stan H.
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Gained 6% account-
invested in account lost 5%-
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