You have a total of $2000 invested in two accounts.
One account pays 5% interest per year; the other pays 3.5% interest per year.
If you earn a total of $85 in interest this year, how much was invested in each account?
2007-03-17 05:17:59 · 4 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
$1000 in each account.
1000 x .035= 35
1000 x .05= 50
50+35= 85
2007-03-17 05:24:29 · answer #1 · answered by camd42 4 · 0⤊ 0⤋
1000 in each account. use the formula y=a(1+r)
plug in 1000 for a and change the % to decimals and plug in for r
y= 1000(1+.05) = 1050
y= 1000(1+.035) = 1035
you earned 50 in the first account and 35 in the second account. add those two and it becomes 85.
2007-03-17 12:27:48 · answer #2 · answered by ? 3 · 0⤊ 0⤋
In this case, you ahve 1000 dollars in each account, since at 5% on 1000 dollars, we get 50 dollars and at 3.5% we get 35 dollars.
Actually we have 5x/100 + 3.5y/100 = 85 and
x + y = 2000 or y = 2000 - x
So, we have 5x/100 + 3.5(2000-x)/100 = 85
Or 5x + 7000 - 3.5x = 8500
So 1.5x = 8500 - 7000 = 1500
x = 1500/1.5 = 1000
y = 2000 - x = 1000
2007-03-17 12:26:19 · answer #3 · answered by Swamy 7 · 0⤊ 0⤋
You have $1000. invested in each account
2007-03-17 12:39:38 · answer #4 · answered by karen 4 · 0⤊ 0⤋