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

Yasmin

Yasmin

Answered question

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?

Answer & Explanation

insonsipthinye

insonsipthinye

Skilled2021-06-08Added 83 answers

Let x be the amount invested in 3% interest so that 10000x is the amount invested in 1.2% interest.
The interest earned is $215.04 so we can write:
0.03(x)+0.012(10000x)=215.04
Solve for x:
0.03x+1200.012x=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%.

Jeffrey Jordon

Jeffrey Jordon

Expert2021-08-11Added 2605 answers

Answer is given below (on video)

Do you have a similar question?

Recalculate according to your conditions!

Ask your question.
Get an expert answer.

Let our experts help you. Answer in as fast as 15 minutes.

Didn't find what you were looking for?