In description

Question

You invested $3000 between two accounts paying 4% and 6% annual interest, respectively. If the total interest earned for the year was $160, how much was invested at each rate?

Answer 1

X+Y = 3000

 

0.04X  + 0.06Y = 160

 

 

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Y = 3000 - x

 

0.04X + 0.06(3000 - x) = 160

 

0.04X + 180 - 0.06x = 160

 

-0.02x = 160 - 180

 

-0.02x = -20

 

x  = -20/-0.02 = 1000

 

$1000 invested at 4% and $2000 invested at 6%