Joseph invested in two accounts. He invested in an account that gave him an interest rate o

Question

Joseph invested in two accounts. He invested in an account that gave him an interest rate of  per year and an account that gave him an interest rate of  per year. He invests a total of , and his interest earnings after one year are . How much did Joseph invest in each account?

Amount invested at interest is _________

 

Amount invested at interest is ___________

pls fill in the blank and explain in detail thank you!

 

Answer 1

.11x + .04(20300 - x) = 1372

.11x - .04x = 1372 - .04(20300)

.07x = 1372 - 812 = 560

x = 560/.07 = $8,000 invested at 11%

20300-8000 = $12,300 invested at 4%

1372/20300 = about 6.76% average return on both investments

.11(8K) +.04(12.3K) = .88 + .492 = 1.372K = $1,372 return on both investments

4 is within 2.76 of 6.76

11 is within 4.24 of 6.76

4.25/2.76 = 1.54 = 12,300/8,000 = 1.54

you need about 1 1/2 times more invested in the % return that's closest to the average return