Question

Theodore invests a total of $29,000 in two accounts paying 4% and 3% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $990.00.

$
was invested at 4% and
$
was invested at 3%.

Answer 1

9514 1404 393

Answer:

• $12000 at 4%
• $17000 at 3%

Explanation:

Let x represent the amount invested at 4%. Then (29000-x) is the amount invested at 3%. The total interest earned is ...

0.04x + 0.03(29000 -x) = 990

0.01x = 120 . . . . . . .subtract 870 and simplify

x = 12000 . . . . . . . divide by 0.01

29000 -x = 17000

$12000 was invested at 4%

$17000 was invested at 3%