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March 26, 2017

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Paula invested into two accounts; one pays 5% simple interest and the other 6% simple interest. She invested $3000 more in the account paying 6% than in the other account 5%. At the the end of the first year, Paula total return was 730. How much did she invest in each account?

  • Math - ,

    $PO @ 5%.
    Po+3000) @ 6%.

    I = Po*r*t + (Po+3000)*r*t = $730
    Po*0.05*1 + (Po+3000)*0.06*1 = 730
    0.05Po + 0.06Po+180 = 730
    0.11Po = 730-180 = 550
    Po = $5,000 @ 5%.
    Po+3000 = $8,000 @ 6%.

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