Question

you invested 5000 between two accounts paying 3% and 7% annual intrest. If the total intrst earned for the year was $310, how much was invested at each rate?

Answer 1

The total interest of $320 will be the sum of the amount earned in each account.

Explanation:

320 = x(0.04)(1) + (5000-x)(0.08)(1)

320 = 0.04x + 400 - 0.08x

-80 = -0.04x

2000 = x

5000 - x = 3000

$2,000 was invested at 4%

$3,000 was invested at 8%