Question

SAVINGS ACCOUNT

Answer 1

Answer:

$4000 was invested at 4%, 2500 was invested at 3%

Step-by-step explanation:

First and foremost the question has to be define.

Total amount raised is $6500

Savings account percentage simple interest =3%

Government Bond: 4% simple interest

Equation for amount invested at each rate:

(6500-x)0.03 + 0.04x = 235

195 - 0.03x + 0.04x = 235

0.01x = 40

x = 4000

$4000 was invested at 4%, 2500 was invested at 3%