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Question 565023: Suppose $6,500 is divided into two bank accounts. One account pays 10% simple interest per year and the other pays 4.6%. After two years there is a total of $1000 in interest between the two accounts. How much was invested into the bank account that pays 4.6% simple interest (rounded to the nearest cent)?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Suppose $6,500 is divided into two bank accounts. One account pays 10% simple interest per year and the other pays 4.6%. After two years there is a total of $1000 in interest between the two accounts. How much was invested into the bank account that pays 4.6% simple interest (rounded to the nearest cent)?
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Equation:
interest + interest = interest
0.10x + 0.046(6500-x) = 500
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Multiply thru by 1000 to get:
100x + 46*6500 - 46x = 500000
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54x = $201,000
x = $3722.22 (amt. invested at 10%
6500 - x = $2777.78 (amt. invested at 4.6%
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Cheers,
Stan H.
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