Answered

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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
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