SOLUTION: A total of $7900 is deposited into two simple interest accounts. On one account the annual simple interest rate is 3%, and on the second account the annual simple interest rate is
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Question 770148: A total of $7900 is deposited into two simple interest accounts. On one account the annual simple interest rate is 3%, and on the second account the annual simple interest rate is 5%. The amount of interest earned for 1 year was $295. How much was invested in each account? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A total of $7900 is deposited into two simple interest accounts. On one account the annual simple interest rate is 3%, and on the second account the annual simple interest rate is 5%. The amount of interest earned for 1 year was $295. How much was invested in each account?
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I = Prt
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Equation:
int + int = 295
x*0.03*1 + (7900-x)*0.05*1) = 295
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3x + 5(7900)-5x = 29500
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-2x = 29500-5*7900
2x = 10000
x = $5000 (amt. invested at 3%)
7900-x = $2900 (amt. invested at 5%)
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Cheers,
Stan H.
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