Answered

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1. Noah has $15,000 to invest. He invests some amount at 5% annual interest and the rest at 3% annual
interest. After one year, his total interest from both accounts is $620.
How much did he invest in each account? (Clearly label which amount is for which account in your
answer. Hint: Over a one year period, annual interest is the same as simple interest.)
[6 pts]

Sagot :

Answer:

He invested $ 8500 at the interest of 5% and $ 6500 at the interest of 3%

Step-by-step explanation:

Let the sum invested at interest rate of 5% be X

Let the sum invested at interest rate of 3% be Y

As we know

[tex]X + Y = 15000[/tex] - Eq (1)

[tex]X* 5/100 *1 + Y * 3/100 * 1 = 620[/tex]

[tex]5X + 3Y = 62000[/tex] ---Eq (2)

Multiplying Eq (1) by 3 we get -

[tex]3X + 3Y = 45000[/tex]

Substract Eq (1) from Eq (2) we get

[tex]5X + 3Y = 62000\\- 3X -3Y = -45000\\2X = 17000\\X = 8500\\Y = 15000-8500 = 6500[/tex]

He invested $ 8500 at the interest of 5% and $ 6500 at the interest of 3%

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