Problema Solution
An investor will invest a total of 15,000 in two accounts, one paying 4% annual simple interest and the other paying 3%. If he wants to earn $550 annual interest, how much should he invest at each rate.
Answer provided by our tutors
Let money deposited in 1st acc be x
so
x * 0.04 + (15000-x)*0.03 = 550
4x + 45000 - 3x = 55000
x = 10000
Money deposited in 1st account = $10000
Money deposited in 2nd account = $5000