Question

Help me

$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 3%?

$2,000
$3,000
$4,000

Answer 1

69420

Explanation:

Answer 2

$4000 is invested in the account which earning 3% rate .

Explanation:

Formula

`Simple\ interest = (Principle* Rate* Time)/(100)`

As given

$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.

Let us assume that the x amount is invested in the account which earning 3% interest .

Let us assume that the (6000 - x ) amount is invested in the account which earning 3% interest .

Thus the equation becomes

`220 = (x* 3* 1)/(100) + ((6000 - x)* 5* 1)/(100)`

Simplfy the above equation

22000 = 3x + 30000 - 5x

30000 - 22000 = 5x - 3x

8000 = 2x

`x = (8000)/(2)`

x = $4000

Therefore $4000 is invested in the account which earning 3% rate .