Tom invested 23,000 in two accounts, one yielding 4% interest and the other yielding 9%/ If he received a total of 1,320.00 in interest at the end of the year, how much did he invest in each year...

Tom invested 23,000 in two accounts, one yielding 4% interest and the other yielding 9%/ If he received a total of 1,320.00 in interest at the end of the year, how much did he invest in each year with 4%_______ and 9%_____?

Asked on by monique06

1 Answer | Add Yours

Top Answer

embizze's profile pic

embizze | High School Teacher | (Level 1) Educator Emeritus

Posted on

The total investment of 23,000 was divided into two accounts paying 4% and 9% interest respectively. (Assuming simple yearly interest.)

The total interest is 1320.00

Let x be the amount invested at 4%, then 23000-x is invested at 9%. The total interest earned is the sum:

`.04x+.09(23000-x)=1320`

`.04x+2070-.09x=1320`

`.05x=750`

`x=15000`

------------------------------------------------------------------

15,000 was invested at 4% and 8,000 was invested at 9%

-----------------------------------------------------------------

We’ve answered 318,991 questions. We can answer yours, too.

Ask a question