SOLUTION: Jose invested $10,000 in two accounts. One account paid 2% more than the other account. He invested the same amount in both accounts. If he received $800 dollars in interest, wh
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Question 550601: Jose invested $10,000 in two accounts. One account paid 2% more than the other account. He invested the same amount in both accounts. If he received $800 dollars in interest, what percent interest did the lower paying account pay? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Jose invested $10,000 in two accounts.
One account paid 2% more than the other account
He invested the same amount in both accounts.
If he received $800 dollars in interest, what percent interest did the lower paying account pay?
:
From the give information, we know $5000 was invested in each account
:
Total interest
We will use the decimal equiv here
let x = the % interest in the lower paying account
then
(x+.02) = the % of the higher paying account
:
5000x + 5000(x+.02) = 800
5000x + 5000x + 100 = 800
10000x = 800 - 100
10000x = 700
x =
x = .07 which is 7% is the lower paying rate
:
:
See if that check out
.07(5000) + .09(5000) = 800
