$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%.