You invested 29,000 in two accounts paying 5% and % annual Interest, respectively. total interest for the year was $1500, how much was invested at each rate?

Answer 1

N is the interest rate of the 2nd account..

for example, if 9% is the interest rate, then N=9

X+y = 29000

0.05X + (n/100)(29000-x = 1500

0.05x + 290n - (xn)/100 = 1500

0.05x - (xn)/100 = 1500 - 290n

(5x - nx)/100 = 1500 - 290n

x ( 5-n)/100 = 1500 - 290n

x(5-n) = (100)(1500 - 290n)

x = (100)(1500 - 290n)/(5-n)

y = 29000-x

Ex. N=9%

x = (100)(1500 - 290*9)/(5-9)

= (100) (1500 - 2610)/(-4)

= (100) (-1110)/(-4)

= 25*1110 =

27750

y = 1250

27750*0.05 + 1250*0.09 = 1500

So when you get the interest rate of the 2nd account, you plug that

into the formula to get x.... then do y = 29000-x

THIS is what happens when the problem is incomplete!