You invested a total of $9,000 at 4 1/2 % and 5% simple interest. During one year, the two accounts earned $435. How much did you invest i

Question

You invested a total of $9,000 at 4 1/2 % and 5% simple interest. During one year, the two accounts earned $435. How much did you invest in each account

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Jade 2 weeks 2021-09-10T14:36:45+00:00 1 Answer 0

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    2021-09-10T14:38:12+00:00

    Answer:

    The amount invested at 4.5% was \$3,000

    The amount invested at 5% was \$6,000

    Step-by-step explanation:

    we know that

    The simple interest formula is equal to

    I=P(rt)

    where

    I is the Final Interest Value

    P is the Principal amount of money to be invested

    r is the rate of interest  

    t is Number of Time Periods

    Let

    x —–> the amount invested at 4.5%

    9,000-x —–> the amount invested at 5%

    in this problem we have

    t=1\ year\\ P1=\$x\\ P2=\$(9,000-x)\\I=\$435\\r1=0.045\\r2=0.05

    substitute

    435=x(0.045*1)+(9,000-x)(0.05*1)

    435=0.045x+450-0.05x

    0.05x-0.045x=450-435

    0.005x=15

    x=\$3,000

    so

    9,000-x=\$6,000

    therefore

    The amount invested at 4.5% was \$3,000

    The amount invested at 5% was \$6,000

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