Question

A man invests a certain amount of money at 2% interest and $800 more than that amount in another account at 4% interest. At the end of one year, he earned $92 in interest. How much money was invested in each account? $1,500 at 2%; $2,300 at 4% $1,400 at 2%; $2,200 at 4% $1,000 at 2%; $1,800 at 4%

Answer 1

$1,000 at 2%; $1,800 at 4%

Explanation:

Let x represent the amount invested at 2%. Then x+800 was invested at 4% and the total interest earned was ...

x·2% + (x+800)·4% = 92

x·6% + 32 = 92 . . . . . . . . . simplify

x·0.06 = 60 . . . . . . . . . . . . subtract 32; write 6% as a decimal

x = 60/0.06 = 1000 . . . . . divide by the coefficient of x

$1000 was invested at 2%; $1800 was invested at 4%.