$6,000 dollars is invested in two different accounts earning 3% and 5% interest. at the end of one year, the two accounts earned $220 in interest. how much money was invested at 5%?
Mathematics · High School · Wed Jan 13 2021
Answered on
Given the statement:
$6,000 dollars is invested in two different accounts earning 3% and 5% interest. at the end of one year, the two accounts earned $220 in interest.
P1 =6000
r1 = 3% or 0.03
r2 = 5% or 0.05
t = 1
I = 220
Determine P2
Formula for Simple Interest.
I = Prt
P = I/rt
Solution:
Substitute the given values of I, r2 and t to the formula for simple interest.
P = $220/(0.05)(1)
P = $4400
Final answer:
$4400 was invested in 5%.