Multiple Choice Question?

Question

How can $70,000 be invested, part at 4% annual simple interest and the remainder at 10% annual simple interest, so that the interest earned by the two accounts is equal at the end of the year?

a. $50,000 invested at 4%; $20,000 invested at 10%
b. $40,000 invested at 4%; $30,000 invested at 10%
c. $30,000 invested at 4%; $40,000 invested at 10%
d. $20,000 invested at 4%; $50,000 invested at 10%

Answer 1

a. $50,000 invested at 4%; $20,000 invested at 10%

$50,000 invested at 4% = 2 000
$20,000 invested at 10% = 2 000

Answer 2

a. $50,000 invested at 4%; $20,000 invested at 10%

Answer 3

let x be the amount of money invest at 4%
then 70,000 - x is the amount of money invest at 10%

I = Prt

I = .04x
I = .1(70,000 - x)

.04x = .1(70,000 - x)
.04x = 7,000 - .1x
.14x = 7,000
x = 50,000

$50,000 at 4%
$20,000 at 10%

Answer 4

Let x be amount invested at 4%, and (70000 - x) be invested at 10%.

.04x = .10(70000 - x)
4x = 10(70000 - x) = 700,000 - 10x
14x = 700000
x = 50000

answer: A

Answer 5

0.04x = (70000-x)0.1

0.04 x = 7000 - 0.1 x

0.14x = 7000

x = 7000/0.14 = 50000

50000 at 4%

20000 at 10%

Answer 6

a. 0.04($50,000)=$2000=0.10($20,000)