you invested 15 000 in two accounts paying 2% and 3% annual interest, respectively if the total interest earned for the year was $440, how much was invested at each rate?

Answer 1

Let x = amount invented in the 2% account

15,000-x = amount invested in the 3% account

Then,

.02x + .03(15,000-x) = 440 or .01x = 10

so, x = $1000 or $1000 invested in the 2% account

15,000-x = $14,000 $14,000 invested in the 3% account

Answer 2

Let X = amount invested at 2%

And (15,000 - X) = amount invested at 3%

The Interest earned at 2% is .02 * X

The Interest earned at 3% is .03 * (15,000 - X)

The Total interest earned is $440

So our interest equation is:

.02 * X + .03 * (15,000 - X) = $440

or

.02 * X + 450 - .03 * X = 440

or

-.01 * X = -10

or

.01 * X = 10

or

X = $1,000 = amount invested at 2%

and so

(15,000 - 1,000) = $14,000 = amount invested at 3%