Problema Solution
Chris invests a total of $10,500 in two accounts paying 15% and 4% simple interest. How much was invested in each account if after one year the total interest was $640.00
Answer provided by our tutors
Let
x = the money invested at 15%
y = the money invested at 4%
x + y = 10500
0.15x + 0.04y = 640
........
click here to see the system of equations solved for x and y
........
x = $2,000
y = $8,500
$2,000 were invested at 15% while $8,500 were invested at 4% simple interest.