Question

I have $10,000 to invest for my daughter's car. I earned $215.04 when splitting the money into a 3% interest account and a 1.2% interest account. How

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ANSWERED
asked 2021-06-07
I have $10,000 to invest for my daughter's car. I earned $215.04 when splitting the money into a 3% interest account and a 1.2% interest account. How much did I invest at each?

Expert Answers (2)

2021-06-08
Let x be the amount invested in 3% interest so that 10000−x is the amount invested in 1.2% interest.
The interest earned is $215.04 so we can write:
0.03(x)+0.012(10000−x)=215.04
Solve for x:
0.03x+120−0.012x=215.04
0.018x+120=215.04
0.018x=95.04
x=5280
So, you invested $5280 at 3% and $10000 - $5280 = $4720 at 1.2%.
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Best answer
2021-08-11

Answer is given below (on video)

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