Question

Last year, Kevin had 20,000 to invest. He invested some of it in an account that paid 6% simple interest per year, and he invested the rest in an account that paid 10% simple interest per year. After one year, he received a total of $1480 in interest. How much did he invest in each account?

Answer 1

$13,000 was invested at 6% whereas $7,000 was invested at 10% using simple interest approach

What is simple interest?

Simple interest is determined as the amount invested multiplied by the interest rate and the number of years that investment lasts.

I=PRT

I=interest

P=principal

R=rate of return

T=time

Let X be the amount invested at 6%

I at 6%=6%*X*1

I=0.06X

The amount invested at 10% is 20,000-X

total interest=0.06X+0.10*(20000-X)

total interest=1,480

1480=0.06X+0.10*(20000-X)

1480=0.06X+2000-0.10X

1480-2000=0.06X-0.10X

-520=-0.04X

X=-520/-0.04

X=13,000

13,000 was invested at 6%

amount invested at 10%=20,000-X

amount invested at 10%=20,000-13,000

amount invested at 10%=7,000

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