You invested a total of $15,000 at (mixed fraction) 4 1/2% and 5% simple interest. During one year, the two accounts earned $715
. How much did you invest in each account?
1 answer:
The two investments are $7000 and $8000 during one year.
The amount $15,000 invested at % and 5% simple interest.
During one year, the two accounts earned $715.
<h3>What is simple interest?</h3>Simple interest is a method for calculating the amount of interest charged on a sum over a fixed period of time at a given rate.
Let amount x be invested at %. Then, amount 15,000-x is invested at 5%.
Now, ×x+5×15000-x=715
⇒0.045x+0.05(15000-x)=715
⇒0.045x+750-0.05x=715
⇒750-0.005x=715
⇒0.005x=35
⇒x=$7000
Thus, x=$7000 and 15000-x=$8000
Hence, the two investments are $7000 and $8000.
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<h2>Answer</h2>
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