You invest $50,000, part at 3% simple interest and part at 4% simple interest for one year. How much money did you invest in each account if the interest earned in the 3% account was $30 greater than the interest earned in the 4% account?

kituoti126

kituoti126

Answered question

2022-11-20

You invest $50,000, part at 3% simple interest and part at 4% simple interest for one year. How much money did you invest in each account if the interest earned in the 3% account was $30 greater than the interest earned in the 4% account?

Answer & Explanation

Eva Cochran

Eva Cochran

Beginner2022-11-21Added 14 answers

Let money invested at 3% =x
at 4 % = 50000 x
Time for both = 1 year
S I = P × T × R 100 ( S I ) 3 % ( S I ) 4 % = 30 x × 1 × 3 100 ( 5000 x ) × 1 × 4 100 = 30 3 x 4 ( 50000 x ) = 3000 3 x 200000 + 4 x = 3000 7 x = 203000 x = 29000
Money at 3% = $29000
4%=$21000

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