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James invests $5400 in two different accounts. The first account paid 14 %, the second account paid 6 % in interest. At the end of the first year he had earned $580 in interest. How much was in each account?

User Laurent Gabiot
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1 Answer

20 votes
20 votes

Given:

Total invested amount = $5400

Rate of interest for first account = 14%

Rate of interest for second account = 6%

Total interest after one year = $580

To find:

The amount invested in each account.

Solution:

Let the amount invested in the first account be $x, then the amount invested in the second account is $(5400-x).

Total interest = 14% of $x + 6% of $(5400-x).


580=(14)/(100)x+(6)/(100)(5400-x)

Multiply both sides by 100.


58000=14x+6(5400-x)


58000=14x+32400-6x


58000-32400=8x


25600=8x

Divide both sides by 8.


(25600)/(8)=x


3200=x

Now,


5400-x=5400-3200


5400-x=2200

Therefore, the amount invested in first account is $3200 and the amount invested in the second account is $2200.

User Annakata
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2.7k points
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