SOLUTION: Sunil earns $375 in interest from 1 year investments. He invested some money in account earning 6% simple interest and he deposited $2,000 more than that amount in an account payin
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Question 251054: Sunil earns $375 in interest from 1 year investments. He invested some money in account earning 6% simple interest and he deposited $2,000 more than that amount in an account paying 5% simple interest. How much did Sunil invest in each account? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! I=Prt
where I is the interest earned
P is the money invested r is the interest rate and t is the time.
What do we know?
let p= amount invested at 6%
let p+2000 = amt at 5%
375=.06p*1+.05(p+2000)*1
Solving for p will give you the amount at 6%
add $2000 to that to get the amount at 5%
