Question
Mr. and Mrs. Abdullah invest a total of $10,000 in two savings
accounts. One account pays 5% interest and the other 6%. Find the
amount placed in each account if the accounts receive a total of $540 in
interest after one year.
accounts. One account pays 5% interest and the other 6%. Find the
amount placed in each account if the accounts receive a total of $540 in
interest after one year.
Answers
Steve
add up the interest for each account. If there's x in the 5% account, then there's 10000-x in the 6% account, so
.05x + .06(10000-x) = 540
x = 6000
.05x + .06(10000-x) = 540
x = 6000