Please help me with this word problem.
1 answer:
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Answer:
The money invested in account at 6 % rate is $ 9230.77
The money invested in account at 6.5 % rate is $ 769.23
Step-by-step explanation:
Given as :
The total amount saves in two account = $ 10,000
The two rate of interest are 6 % and 6.5 % at simple interest
The interest earn at 6 % rate = $ 632
The interest earn at 6.5 % ate = $ 50
Now, Let The amount deposit at 6 % rate = $ x
And The amount deposit at 6.5 % rate = $ 10,000 - $ x
<u>From Simple Interest method</u>
Simple Interest =
or, At 6.5 % rate
$ 50 =
or, 10000 - x =
Or, 10000 - x = 769.23
∴ x = 10000 - 769.23
I.e x = $ 9230.77
So , At 6.5 % the amount deposit = 10,000 - 9230.77 = $ 769.23
So, At 6 % The amount deposit = $ 9230.77
Hence The money invested in account at 6 % rate is $ 9230.77
And The money invested in account at 6.5 % rate is $ 769.23 Answer