Question

Joe Deposits $12000 into two accounts. Part of the money will be invested at 3% and the rest will be deposited at 4%. Find the amount invested if the total income of interest is $410

Amount invested at 3%
Amount invested at 4%

Answer 1

To determine the amount invested by Joe in two accounts at 3% and 4% that together earn $410 in interest, we set up a system of equations and solve it to find that he invested $7,000 at 3% and $5,000 at 4%.

Step-by-step explanation:

Joe wants to invest $12,000 into two different accounts, one at 3% interest and the other at 4%. If the total interest from both accounts is $410, we need to find out how much is invested in each account. Using the concept of simple interest, we can set up a system of equations to solve this problem.

Let's say Joe invests x dollars at 3% and y dollars at 4%. The total amount invested is $12,000, so x + y = 12,000. The total interest earned is $410, so 0.03x + 0.04y = 410.

Now, we can solve this system of equations to find x and y. Subtracting the first equation from the second gives us 0.01y = 50, so y = 5,000. Substituting y back into the first equation gives us x = 12,000 - 5,000 = 7,000. Therefore, Joe invested $7,000 at 3% and $5,000 at 4%.