SOLUTION: Suppose $5,000 is divided into two bank accounts. One account pays 5% simple interest per year and the other pays 7% per year. After one year there is a total of $310 in interest b
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Question 754162: Suppose $5,000 is divided into two bank accounts. One account pays 5% simple interest per year and the other pays 7% per year. After one year there is a total of $310 in interest between the two accounts. How much was invested into the bank account that pays 7% simple interest (rounded to the nearest cent)? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Suppose $5,000 is divided into two bank accounts. One account pays 5% simple interest per year and the other pays 7% per year. After one year there is a total of $310 in interest between the two accounts. How much was invested into the bank account that pays 7% simple interest (rounded to the nearest cent)?
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Equations:
x + y = 5000
5x + 7y = 31000
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Modify for elimination:
5x + 5y = 25000
5x + 7y = 31000
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Subtract and solve for "y":
2y = 6000
y = $3000 (amt. invested at 7%)
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Cheers,
Stan H.
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