Problema Solution
The Community Relief Charity Group is earning 3.5% simple interest on the $2600 it invested in a savings account. It also earns 4.8% simple interest on an insured bond fund. The annual interest earned from both accounts is $307. How much is invested in the insured bond fund?
Answer provided by our tutors
let
x = the money invested in the insured bond fund
0.035*2600 + 0.045*x = 307
by solving we find:
x = $4,800
click here to see the step by step solution of the equation:
$4,800 is invested in the insured bond fund.