SOLUTION: $5000 is invested into two accounts. One pays 5% interest and the other pays 7%. If the total investment earned $310 interest, how much money was invested at 5%?

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Question 327485: $5000 is invested into two accounts. One pays 5% interest and the other pays 7%. If the total investment earned $310 interest, how much money was invested at 5%?


Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
$5000 is invested into two accounts. One pays 5% interest and the other pays 7%. If the total investment earned $310 interest, how much money was invested at 5%?
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Equations:
Quantity Eq.:: x + y = 5000
Interest Eq.::0.05x + 0.07y = 310
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Multiply thru 1st by 5
Multiply thru 2nd by 100
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5x + 5y = 25000
5x + 7y = 31000
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Subtract 1st from 2nd to get:
2y = 6000
y = $3000 (amt. invested at 7%)
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Since x+y = 5000, x = $2000 (amt. invested at 5%
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Cheers,
Stan H.