Question

Ms. Burke invested $23,000 in two accounts, one yielding 4% interest and the other yielding 10%. If she received a total of $1,280 in interest at the end of the year, how much did she invest in each account?

Answer 1

• $17,000 at 4%
• $6,000 at 10%

Explanation:

Let x represent the amount invested at 10%. Then 23000-x is the amount invested at 4%, and the total interest is ...

0.10x +0.04(23000-x) = 1280

0.06x = 360 . . . . . subtract 920, simplify

x = 6000 . . . . . . . . divide by the coefficient of x

Ms Burke invested $6000 at 10% and $17000 at 4%.