You invested 27000 in two accounts paying 3 and 4 annual i

You invested $27000 in two accounts paying 3 % and 4 % annual interest, respectively. If the total interest earned for the year was $ 1030, how much was invested at each rate? The amount invested at 3 % is $_____ The amount invested at 4 % is $ _________

Solution

Dear Student Thank you for using Chegg !! Total Amount Invested = 27000 $ Let amount invested in Account 1 (3%) = x $ Amount invested in account 2 (4%) = 27000-x $ Interest earned in account 1 = x*3/100 (A) Interest earned in account 2 = (27000-x)*4/100 (B) Total Interest earned = 1030 $ (A) + (B) = 1030 3x + 27000*4 - 4x = 103000 5000 = x Hence Amount invested in Account 1 is 5000$ and amount invested in Account 2 is 22000$