SOLUTION: A total of $5500 was deposited into two simple interest accounts.
On one account the annual simple interest rate is 4%, and on the second account the annual simple interest rate
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-> SOLUTION: A total of $5500 was deposited into two simple interest accounts.
On one account the annual simple interest rate is 4%, and on the second account the annual simple interest rate
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Question 1138411: A total of $5500 was deposited into two simple interest accounts.
On one account the annual simple interest rate is 4%, and on the second account the annual simple interest rate is 6%.
The amount of interest earned for 1 year was $295.
How much was invested in each account?
Let x be an amount invested at 4%, in dollars.
Then the amount invested at 6% is the rest (5500-x) dollars.
Your basic equation is THIS:
interest + interest = total interest, or
0.04*x + 0.06*(5500-x) = 295.
0.04x + 0.06*5500 - 0.06x = 295
-0.02x = 295 - 0.06*5500 = -35 ====> x = = 1750.
Answer. $1750 was invested at 4% and the rest 5500 - 1750 = 3750 dollars was invested at 6%.
Check. 0.04*1750 + 0.06*3750 = 295 dollars. ! Correct !
You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).
