Question

Suppose $50,000 is divided into two bank accounts. one account pays 4% simple interest per year and the other pays 6.4%. after five years there is a total of $12,000 in interest between the two accounts. how much was invested into the bank account that pays 6.4% simple interest (rounded to the nearest cent)?

Answer 1

$33333.33

Explanation:

Suppose x invested into the bank account that pays 4% simple Interest

5x4%x+5x6.4%(50000)= 12000 { The interest due is equal to interest}

4x+6.4x50000-6.4x=240000

2.4x=80000

x=33333.33