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 $1880 in interest. How much did he invest in each account?
See if you can do this one. It is the same idea as what I just helped you with.
Work it out and I will be happy to check your answer.
i first devide the percent to make it into a decial then i multiply the decimal with the amount in this case is 20,000 then I substract
To solve this problem, we can set up a system of equations based on the information given.
Let's assume Deon invested x dollars in the account with a 6% interest rate, and (20000 - x) dollars in the account with a 10% interest rate.
The interest earned on the first account at 6% is given by 0.06x.
The interest earned on the second account at 10% is given by 0.10 * (20000 - x).
According to the given information, the total interest earned is $1880. Therefore, we can set up the equation:
0.06x + 0.10 * (20000 - x) = 1880
Now, let's solve this equation algebraically:
0.06x + 0.10 * 20000 - 0.10x = 1880
0.06x - 0.10x + 2000 = 1880
-0.04x = 1880 - 2000
-0.04x = -120
x = (-120) / (-0.04)
x = 3000
Deon invested $3000 in the account with a 6% interest rate, and the remaining amount, (20000 - 3000) = $17000, in the account with a 10% interest rate.