SOLUTION: A state employees' pension fund invested a total of one million dollars in two accounts that earned 3.5% and 4.5% annual simple interest. At the end of the year, the total interest
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-> SOLUTION: A state employees' pension fund invested a total of one million dollars in two accounts that earned 3.5% and 4.5% annual simple interest. At the end of the year, the total interest
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Question 1133844: A state employees' pension fund invested a total of one million dollars in two accounts that earned 3.5% and 4.5% annual simple interest. At the end of the year, the total interest earned from the two investments was $38,000. How much was invested at each rate? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! x invested at 3.5%
1000000 invested at 4.5%
.035x+0.045(1000000-x)=38000
.035x+45000-.045x=38000
-.01x=-7000
x=$700000 at 3.5% or $24500
1000000-x=$300000 at 4.5% or $13500. They add to $38000.
