Problema Solution
Ms. Wilson invested $29,000 in two accounts, one yielding 6% interest and the other yielding 8%. If she received a total of $2,020 in interest at the end of the year, how much did she invest in each account?
Answer provided by our tutors
Ms. Wilson invested $29,000 in two accounts, one yielding 6% interest and the other yielding 8%. If she received a total of $2,020 in interest at the end of the year, how much did she invest in each account?
let investment in 6% = x
investment in 8% = 29000 - x
interest received = 6x/100 + (29000-x)8/100
=> -2x/100 + 2320 = 2020
=> x = 15000
investment in 6% = $15000
investment in 8% = $14000