Problema Solution
An investment adviser invested $14,000 in two accounts. One investment earned 6% annual simple interest, and the other investment earned 3.5% annual simple interest. The amount of interest earned for 1 year was $680. How much was invested in each account?
Answer provided by our tutors
Let
x = the amount of money invested in the account that earns 6% annual simple interest
y = the amount of money invested in the account that earns 3.5% annual simple interest
x + y = 14,000
0.06x + 0.035y = 680
........
click here to see the system of equations solved for x and y
........
x = $7,600
y = $6,400
$7,600 were invested in the account that earns 6% annual simple interest and $6,400 were invested in the account that earns 3.5% annual simple interest.