Yailynn565
14.12.2020 •
Mathematics
Nico was stunned when he opened the mail.Here was a check for $332.50 this is the interest he earned on his investment.One year ago Nico had been given 5,000.His parents made him put it in the bank and save it for college,but the said he could keep the interest it earned each year.A portion of his money is deposited in a high rate account that earned 8% annual interest.The rest is in a regular account that earned 3% this year.Both accounts pay simple interest computed at the end of the year.How much of Nicos money was invested in each account.
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Ответ:
Investment A = 3650
Investment B = 1350
Step-by-step explanation:
Given that:
Total interest earned = 332.50
Total Principal invested = 5000
Investment A:
Rate = 8%
Time = 1 year
Principal = a
Interest earned = 0.08a
Investment B:
Rate = 3%
Time = 1 year
Principal = b
Interest earned = 0.03b
a + b = 5000 (1)
0.08a + 0.03b = 332.50 - - - (2)
From (1)
a = 5000 - b
Into (2)
0.08(5000 - b) + 0.03b = 332.50
400 - 0.08b + 0.03b = 332.50
400 - 0.05b = 332.50
-0.05b = - 67.5
b = $1350
a = 5000 - b
a = 5000 - 1350
a = $3650
Ответ: