Q:

6,000 dollars is invested in two different accounts earning 3% and 5% interest. At the end of one year, the two accounts earned $220 in interest. How much money was invested at 5%? $2,000 $3,000 $4,000

Accepted Solution

A:
Answer:$2000Step-by-step explanation:6,000 dollars is invested in two different accounts earning 3% and 5% interest.Let x be the amount invested in account earning 3% interestSo, 6000-x is the amount invested in account earning 5% interest[tex]S.I. =\frac{P\times R\times T}{100}[/tex]So, Simple interest for account earning 3% interest[tex]S.I. =\frac{x \times 3 \times 1}{100}[/tex][tex]S.I. =0.03x[/tex]Simple interest for account earning 5% interest[tex]S.I. =\frac{(6000-x) \times 5 \times 1}{100}[/tex][tex]S.I. =0.05(6000-x)[/tex][tex]S.I. =300-0.05x[/tex]Since we are given that the two accounts earned $220 in interestSo, [tex]0.03x+300-0.05x=220[/tex][tex]−0.02x+300=220[/tex][tex]80=0.02x[/tex][tex]\frac{80}{0.02}=x[/tex][tex]4000=x[/tex]So, 4000 was invested at 3%(6000-x)=6000-4000=2000 was invested at 5%Hence 2000 was invested at 5%