Answered

Explore Westonci.ca, the leading Q&A site where experts provide accurate and helpful answers to all your questions. Get expert answers to your questions quickly and accurately from our dedicated community of professionals. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

You split $2200 between two savings accounts. account a pays an annual interest rate of 5% and account b pays an annual interest rate of 3%. after one year, you have earned a total of $78.50 in interest. how much money did you invest in each account?

Sagot :

mhanifa

Answer:

  • $625 at 5%
  • $1575 at 3%

Step-by-step explanation:

Let x be the amount at 5%

Then 2200 - x is the amount at 3%

The total interest is:

  • 0.05x + (2200 - x)*0.03 = 78.50
  • 5x + (2200 - x)*3 = 7850
  • 5x + 6600 - 3x = 7850
  • 2x = 7850 - 6600
  • 2x = 1250
  • x = 625

Find the amount at 3%:

  • 2200 - 625 = 1575
Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.