SOLUTION: You place $10,000 into two bank accounts. One of the accounts pays 2% and the other pays 3%. After one year you earned $250 in interest. How much money did you have in each acco
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-> SOLUTION: You place $10,000 into two bank accounts. One of the accounts pays 2% and the other pays 3%. After one year you earned $250 in interest. How much money did you have in each acco
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Question 145773: You place $10,000 into two bank accounts. One of the accounts pays 2% and the other pays 3%. After one year you earned $250 in interest. How much money did you have in each account? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! You place $10,000 into two bank accounts. One of the accounts pays 2% and the other pays 3%. After one year you earned $250 in interest. How much money did you have in each account?
:
Let x = amt invested at 3%
:
It said the total invested is $10,000, therefore:
(10000-x) = amt invested at 2%
:
Int at 3% + int at 2% = $250
.03x + .02(10000-x) = 250
:
.03x + 200 - .02x = 250
:
.03x - .02x = 250 - 200
:
.01x = 50
x =
x = 5000 invested at 3%, then obviously, it's also 5000 invested at 2%
:
:
Check solution
.03(5000) + .02(5000) =
150 + 100 = 250
