# Math

posted by .

Kent invested \$5,000 in a retirement plan.He allocated X dollars of the money to a bond account that earns 4% interest per year and the rest to a traditional account that earn 5% interest per year.

1.Write an expression that represents the amount of money invested in the traditional account.
2.If Kent put \$500 in the bond account, how much money does he have in his retirement plan after one year?

Could someone help me on how to solve these two? Thanks

• Math -

Bonds pay interest semiannually and interest is not compounded.

"Traditional" accounts, like bank savings accounts, pay interest monthly (usually) and add it to the principal.

1. The "traditional account", will have
5000 - X invested in it, initially, if the bond account gets X.

2. The "bond account" would have 500 + 4% or \$520 after one year, if X = 500. The Traditional Account, compounded monthly, would have
\$4500*(1 + 0.05/12)^12 = \$4730.23

• Math -

U gotta look at the answer key. DUH!

## Similar Questions

1. ### math

Kent invested \$5000 in a retirement plan. He allocated x dollars of the money to a bond account that earns 4% interest per yr and the rest to a traditional account that earns 5% interest per yr. Write an expression that represents …
2. ### math

Kent invested \$5000 in a retirement plan. He allocated x dollars of the money to a bond account that earns 4% interest per yr and the rest to a traditional account that earns 5% interest per yr. Write an expression that represents …
3. ### algebra

Last year, Susan had 30,000 to invest. She invested some of it in an account that paid 8% simple interest per year, and she invested the rest in an account that paid 7% simple interest per year. After one year, she received a total …
4. ### Math 0098

Last year, Deon had \$20,000 to invest. He invested some of it in an account that paid 6% simple interest per year, and he invested the rest in an account that paid 10% simple interest per year. After one year, he received a total of …
5. ### Last math problem help

Mr. Jarvis invested a total of 10,437 in two savings accounts. One account earns 8% simple interest per year and the other earns 9% simple interest per year. Last year the two investments earned a total of \$849.52 in interest. Write …
6. ### Algebra

A mother wants to invest 8,000 dollars into her child's college fund. She invests a portion of the money into a CD account which earns 4% interest, and the remainder into a savings bond which earns 7% interest. If the total interest …
7. ### Algebra

Last year, Deon had \$10,000 to invest. He invested some of it in an account that paid 6%simple interest per year, and he invested the rest in an account that paid 9% simple interest per year. After one year, he received a total of …
8. ### Algebra

Phyllis invested 67000 dollars, split between two different accounts. The money in the first account earns simple interest at the rate of 4 percent per year. The money in the second account earns simple interest at the rate of 6 percent …
9. ### Algebra

last year, justin had 30,000 to invest. he invested some of it in an account that paid 5% simple interest per year, and he invested the rest in an account that paid 10% simple interest per year. After one year, he recieved a total …
10. ### math

Last year, Carmen had \$20,000 to invest. She invested some of it in an account that paid 9% simple interest per year, and she invested the rest in an account that paid 5% simple interest per year. After one year, she received a total …

More Similar Questions