Sunday
March 26, 2017

Post a New Question

Posted by on .

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 - ,

    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.

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question