Suppose $500 is divided into two bank accounts. One account pays 15% simple interest per year and the other pays 10%. After three years there is a total of $200 in interest between the two accounts. How much was invested into the bank account that pays 10% simple interest (rounded to the nearest cent)?

Answer 1

x = amount invested in the 15% account

x*.15*3 + (500-x)*.1*3 = 200
x = 333.33

so, 500-333.33 = 166.67 at 10%