Question

Fatima invests a total of $29,000 in two accounts. The first account earned a rate of return of 11%. However, the second account suffered a 7% loss in the same period. At the end of one year, the total of money gained was $1,570.00. How much was invested into each account?

Answer 1

Explanation:

given data:

gained = $1,570

amount invested = $29,000

0.11x – 0.07( $29,000 – x ) = 1540

0.11x – ( 2030 – 0.07x ) = 1540

0.11x + 0.07 = 1540 +2030

0.18x = 3570

divide both sides by 0.18

x = 19833.33 ( amount invested at 11%.

$29,000 – 19833.33

= $9166.7 ( amount invested at 7%)