Problema Solution
Last year, Norma Reddy had $10,000.00 to invest. She invested some of it in a savings account which paid 3% simple interest, and she invested the rest in a certificate of deposit which paid 5% simple interest. In one year, she earned a total of $380.00 in interest. How much did Norma invest in each account?
Answer provided by our tutors
LET X BE THE FUND @3%
Y BE THE FUND @4%
X*3%+Y*5%=380
AND X+Y=10000
(10000-Y).03+.05Y=380
300+.02Y=380
Y=4000
X=6000