Bob has $4000 invested in an account that earns 4.75% simple interest. He has another account that earns 6.5% simple interest. How much is invested in the 6.5% account if it earned $425.10?
algebra - Henry, Wednesday, October 6, 2010 at 6:29pm
I = r * Po.
I = Interest earned.
r = Annual percentage rate(APR) expressed as a decimal.
Po = Initial investment.
425.10 = 0.065 * Po,
Po = 425.10 / 0.065 = $6540.