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19 May, 09:16

keisha has a total of $6000 to invest in two accounts for one year. one account pays 5% simple interest and the other pays 6% simple interest. how much should she invest in each account so that the total interest earned is $335?

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  1. 19 May, 11:44
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    Answer is $2500 and $3500

    Keisha's total investment = $6000

    Let the number of dollars invested in 5% simple interest be $x; and

    let the number of dollars invested in 6% simple interest be $ (6000 - x).

    Now, we know the formula for interest:

    Interest = Principal * Rate * time

    where Principal is the amount of money before interest and * shows multiplication.

    Interest from 5% account = x * 0.05 * 1 = 0.05x

    Interest from 6% account = (6000 - x) (0.06) (1) = 0.06 (6000 - x)

    Total interest would be:

    0.05x + 0.06 (6000 - x) = 335

    0.05x + 360 - 0.06 = 335

    x = $2500 - -> number of dollars invested in 5% interest account

    therefore,

    6000 - x = $3500 - -> number of dollars invested in 6% interest account
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