Answered

Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Explore our Q&A platform to find reliable answers from a wide range of experts in different fields. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

You invested $11,000 in two accounts paying 3% and 7% annual interest, respectively. If the total interest earned for the year was $730, how much was invested at each rate? The amount invested at 3% is $​

Sagot :

francocanacari

Answer:

I invested $ 10,000 at 7% per year, and $ 1,000 at 3% per year.

Step-by-step explanation:

Given that I invested $ 11,000 in two accounts paying 3% and 7% annual interest, respectively, if the total interest earned for the year was $ 730, to determine how much was invested at each rate, the following calculation must be performed:

5,000 x 0.07 + 6,000 x 0.03 = 530

8,000 x 0.07 + 3,000 x 0.03 = 650

10,000 x 0.07 + 1,000 x 0.03 = 730

Therefore, I invested $ 10,000 at 7% per year, and $ 1,000 at 3% per year.

Answer:

A 3% = 1000 and B 7% = 10000

Step-by-step explanation:

A + B = 11000

A * 0.03 + B * 0.07 = $730

A = 11000 - B

(11000 - B)*0.03 + B*0.07 = 730

330 - 0.03B + 0.07B = 730

330 + 0.04B = 730

0.04B = 400

B = 10000

A = 11000 - B = 11000 - 10000

A = 1000

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.