You invested $29 comma 000 in two accounts paying 2 % and 5 % annual interest, respectively. if the total interest earned for the year was $ 940 comma how much was invested at each rate?

Amount invested in account paying 2% = $17,000

Amount invested in account paying 5% =  $12,000

Explanation:

Total amount invested = $29,000

Total Interest earned = $940

Let the amount invested in account paying 2% interest be 'x'

Therefore,

the amount invested in account paying 5% interest will be '$29,000 - x'

Now,

( 2% of x ) + [ 5% of  ( $29,000 - x)] = $940

or

0.02x + 1450 - 0.05x = $940

or

- 0.03x = $940 - $1450

or

- 0.03x = - $510

or

x = $17,000

Hence,

Amount invested in account paying 2% = $17,000

Amount invested in account paying 5% = $29,000 - $17,000 = $12,000

the answer is 0.5%

Explanation:

this is how you find the answer The periodic rate equals the annual interest rate divided by the number of periods. For example, the interest on a home loan is usually calculated monthly, so if the annual interest rate is 6% percent, then you divide that by 12 and get 0.5% percent. i found the answer by doing 6% divided by 12 then i got 0.5%.

your welcome for the answer