SOLUTION: You invested a total of $6,000 at 4 1/2 % and 5% simple interest. During one year, the two accounts earned $290. How much did you invest in each account?

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Question 1145102: You invested a total of $6,000 at 4 1/2 % and 5% simple interest. During one year, the two accounts earned $290. How much did you invest in each account?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


If was invested in two accounts, at and at and the total interest earned at the end of one year is , then we know two things:



and



But from [1] we can deduce:



Then substituting into [2] we have:



Since you are given and , you now have a single equation in a single variable, namely:



Solve for and then calculate


John

My calculator said it, I believe it, that settles it