Question

You invested $5000 between two accounts paying 4% and 9% annual interest, respectively. If the total interest earned for the

year was $350, how much was invested at each rate?
$
was invested at 4% and
was invested at 9%.​

Answer 1

Part 1) The amount invested at 4% was $2,000

Part 2) The amount invested at 9% was $3,000

Explanation:

we know that

The simple interest formula is equal to

`I=P(rt)`

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest

t is Number of Time Periods

Let

x------> the amount invested at 4%

5,000-x ----> the amount invested at 9%

in this problem we have

`t=1\ year\\ P=\$5,000\\I=\$350\\r1=0.04\\r2=0.09`

substitute in the formula above

`350=x(0.04*1)+(5,000-x)(0.09*1)`

`350=0.04x+450-0.09x`

`0.05x=450-350`

`0.05x=100`

`x=2,000`

so

`5,000-x=5,000-2,000=3,000`

therefore

The amount invested at 4% was $2,000

The amount invested at 9% was $3,000