Question

Last year Marta invested money in two accounts. The first account had an interest rate of 3% and the second account had an interest rate of 5 %. If she invested
$500 more in the first account than the second and her total interest income was $719, how much did she invest at each rate?

Answer 1

The amount invested in the first account is $9,300 while the amount invested in the second account is $8,800.

How do we calculate the amount invested?

Let x represents the amount invested in the first account.

Therefore, we have:

Amount invested in the second account = x - 500

Interest income from first account = 3% * x = 0.03x

Interest income from second account = 5% * (x - 500) = 0.05x - 25

Total interest income = 0.03x + 0.05x - 25 = 719

Solving for x, we have:

0.08x = 719 + 25

x = 744 / 0.08

x = $9,300

Substituting for x, we have:

Amount invested in the second account = $9,300 - $500 = $8,800

Learn more about the amount invested here: brainly.com/question/24132106.

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