Question

6,000 dollars is invested in two different accounts earning 3% and 5% interest. At the end of one year, the two accounts earned $220 in interest. How much money was invested at 5%?

Answer 1

$2000 was invested at 5%.

Answer 2

the 2 values invested are x and 6000-x

I=PRT
interest=principal times rate times time

time is 1 year so t=1
r=0.03 ad 0.05
we want to find 5% so x is wha we solve for

the interests are
0.03(6000-x) and 0.05x
they add to 220
220=0.03(6000-x)+0.05x
220=180-0.3x+0.05x
220=180+0.02x
minus 180 both sides
40=0.02x
divide both sides by 0.02
2000=x
$2000 was invested at 5%