My parents recently moved to the Poconos, they got 30 or more inches of
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Bax invested a total of $2000 in two simple interest accounts. Account A earns 3% interest and Account B earns 5% interest. Bax earned a total of $75 interest after one year. How much did Bax invest in each account?
Let, The amount invested in Account A=x
Then, the amount invested in Account B=2000-x
The formula of Simple Interest =
Interest earned in Account A in 1 year=
Interest earned by Account A=
Interest earned in Account B in 1 year=
Interest earned by Account B=
Total Interest Earned= Interest earned by Account A+ Interest earned by Account B
Total Interest Earned=+
75=+
75=
Multiply by 100 on both sides
75*100=
7500=10000-2x
Let us subtract 7500 from both sides
7500-7500=10000-7500-2x
0=2500-2x
Adding 2x on both sides, we get
0+2x=2500-2x+2x
2x=2500
To solve for x, divide by 2 on both sides
2x/2=2500/2
x=1250
So, The Amount invested in Account A= $1250
The Amount invested in Account B= $2000-1250=$750