An investment adviser invested $14,000 in two accounts. One investment earned 4% annual simple interest, and the other investment earned 2.5% annual simple interest. The amount of interest earned for 1 year was $458. How much was invested in each account? looking for the amount at 4% and also the amt. at 2.5%.
Let X = amount invested at 4%, then
(14,000-X) = amount invested at 2.5%.
The equation is
0.04X + 0.025(14,000-X) = 458.00
Solve for X and 14,000-X.
Is the following statement true or false? Justify your answer using what you know about diameters and chords.
Every diameter of a circle is a chord.
To find the amount invested in each account, we can set up a system of equations based on the information provided.
Let's assume the amount invested at 4% is x, and the amount invested at 2.5% is $14,000 - x (since the total investment is $14,000).
The interest earned on the 4% investment would be (x * 0.04) for 1 year.
The interest earned on the 2.5% investment would be ((14,000 - x) * 0.025) for 1 year.
According to the information given, the total interest earned is $458. So, we have the equation:
(x * 0.04) + ((14,000 - x) * 0.025) = $458
To solve this equation, we can multiply the percentages by 100 to convert them to decimal form:
0.04x + (14,000 - x) * 0.025 = 458
Simplifying this equation, we get:
0.04x + 350 - 0.025x = 458
0.015x = 108
x = 108 / 0.015
x ≈ 7,200
Therefore, approximately $7,200 was invested at 4% and $14,000 - $7,200 = $6,800 was invested at 2.5%.