$6,000 dollars is invested in two different accounts earning 3% and 5% interest. at the end of one year, the two accounts earned $220 in interest. how much money was invested at 5%?
2 answers:
<u>Answer- </u>
<em>$2000 </em><em> were invested at 5%</em>
<u>Solution- </u>
Let x amount of money was invested at 5% and (6000-x) amount was invested as 3%
We know that,
Putting the values,
And
According to the question,
Therefore, $2000 were invested at 5%
The 2 values invested are x and 6000-x I=PRT interest=principal times rate times time time is 1 year so t=1 r=0.03 ad 0.05 we want to find 5% so x is wha we solve for the interests are 0.03(6000-x) and 0.05x they add to 220 220=0.03(6000-x)+0.05x 220=180-0.3x+0.05x 220=180+0.02x minus 180 both sides 40=0.02x divide both sides by 0.02 2000=x $2000 was invested at 5%
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