If d = rt, which of the following equations is correct?
2 answers:
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$ 1850 was invested in 9% account
<u>Solution:</u>
Given that
Total amount invested by man in two saving accounts = $9493
Simple interest on one account =9%
Simple interest on second account = 10%
Total interest earned = $930.80
Need to determine amount invested in 9 % account.
Let assume amount invested in account where Simple Interest is 9% = x
And assume amount invested in account where Simple Interest is 10% = y
As total amount invested in two accounts is $9493
=> x + y = 9493
=> y = 9493 - x ------(1)
As total interest earned = $930.80
On substituting value of y from equation(1) in above equation , we get
9x + 10 (9493 – x) = 93080
=> 9x + 94930 – 10x = 93080
=> -x = 93080 – 94930
=> -x = -1850
=> x = 1850
Amount invested in account where Simple Interest is 9% = x = $1850
Hence $1850 was invested in 9% account.