Homework Help: math

Posted by pb on Thursday, April 5, 2012 at 3:49pm.

jack invested $4000 in two accounts. one pays simple interest at the rate of 5% and the other pays simple interest at the rate of 6%. if jack earned a total of $224 in interest in the first year, how much did he invest in each account?

math - Henry, Thursday, April 5, 2012 at 5:07pm
He invested:

$X @ 5%.
$(4000-X) @ 6%.

.05x + 0.06(4000-x) = 224.
0. 05x - 0.06x + 240 = 224.
-0.01x = 224 - 240 = -16.
X = $1600.
4000-X = 4000-1600 = $2400.

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