Question

Mrs. Jackson put a total of $10,000 into two accounts one account earns 6% simple annual interest the other account earns 6.5% simple interest after one year the two accounts earn $632 and 50 interest find how much money was invested in each account

Answer 1

The money invested in account at 6 % rate is $ 9230.77

The money invested in account at 6.5 % rate is $ 769.23

Explanation:

Given as :

The total amount saves in two account = $ 10,000

The two rate of interest are 6 % and 6.5 % at simple interest

The interest earn at 6 % rate = $ 632

The interest earn at 6.5 % ate = $ 50

Now, Let The amount deposit at 6 % rate = $ x

And The amount deposit at 6.5 % rate = $ 10,000 - $ x

From Simple Interest method

Simple Interest =
`(\textrm principal * \textrm Rate* \textrm time)/(100)`

or, At 6.5 % rate

$ 50 =
`(\textrm (10,000 - x ) * \textrm 6.5* \textrm 1)/(100)`

or, 10000 - x =
`(5000)/(6.5)`

Or, 10000 - x = 769.23

∴ x = 10000 - 769.23

I.e x = $ 9230.77

So , At 6.5 % the amount deposit = 10,000 - 9230.77 = $ 769.23

So, At 6 % The amount deposit = $ 9230.77

Hence The money invested in account at 6 % rate is $ 9230.77

And The money invested in account at 6.5 % rate is $ 769.23 Answer