The formula is PRT=I
P * R * T = I
1st invest: x 8% 1 .08*1*x
2nd invest: y 3% 1 .03*1*y
total:5000 322.50
you will have 2 equations and will use the substitution
x+y=5000 x=5000-y
.08x+.03y=322.50
.08(5000-y)+.03=322.50
and you finish solving from here, hope this helped.
Nico was stunned when he opened the mail. Here was a check for $322.50! This was the interest he earned on his investment. One year ago Nico had been given $5,000. His parents made him put it in the bank and save it for college, but they said he could keep the interest it earned each year. A portion of his money in a high rate account that earned 8% annual interest. The rest is in a regular account that earned 3%. Both accounts pay simple interest computed at the end of each year. How much of Nico's money was invested in each account?
3 answers
The answer is some number
77.8
1 answer