Madison deposited a total of $5,000 between two saving accounts bearing simple interest. One of the accounts has an interest rate of 4% while the other rate is 5%. If the total interest earned after one year is $220, find the amount deposited into each of the accounts.

Question

Mathematics

Adolfo Mooney

26 January, 16:53

Madison deposited a total of $5,000 between two saving accounts bearing simple interest. One of the accounts has an interest rate of 4% while the other rate is 5%. If the total interest earned after one year is $220, find the amount deposited into each of the accounts.

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Answers (1)

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Shadow · Answer 1

0.04x+0.05 (5000-x) = 220

Solve for x to find the amount invested at 4%

0.04x+250-0.05x=220

0.04x-0.05x=220-250

-0.01x=-30

X=30:0.01

X=3,000 invested at 4%

5000-3000=2000 invested at 5%