algebra

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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 -

    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.

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