Answer:
Amount invested in account paying 2% = $17,000
Amount invested in account paying 5% = $12,000
Explanation:
Total amount invested = $29,000
Total Interest earned = $940
Let the amount invested in account paying 2% interest be 'x'
Therefore,
the amount invested in account paying 5% interest will be '$29,000 - x'
Now,
( 2% of x ) + [ 5% of ( $29,000 - x)] = $940
or
0.02x + 1450 - 0.05x = $940
or
- 0.03x = $940 - $1450
or
- 0.03x = - $510
or
x = $17,000
Hence,
Amount invested in account paying 2% = $17,000
Amount invested in account paying 5% = $29,000 - $17,000 = $12,000
