Question

Alewuya invests a total of $35,000 in two accounts paying 5% and 15% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $3,350.00.

$ was invested at 5% and
$ was invested at 15%

Answer 1

$19,000 was invested at 5% and $16,000 was invested at 15%

Explanation:

Let

x ----> the amount invested at 5%

(35,000-x) ------> the amount invested at 15%

we know that

The total interest is equal to the interest of the amount invested at 5% plus the interest of the amount invested at 15%

`5\%=5/100=0.05`

`15\%=15/100=0.15`

so

`3,350=0.05x+0.15(35,000-x)`

Solve for x

`3,350=0.05x+5,250-0.15x`

`0.15x-0.05x=5,250-3,350`

`0.10x=1,900`

`x=\$19,000`

`(35,000-x)=\$16,000`

therefore

$19,000 was invested at 5% and $16,000 was invested at 15%