Question

A person plans to invest a total of $ 3500 in one bank account at 4. 7 % annual interest and another bank account at 18 % annual interest. How much should he invest in each account so that the total interest in one year will be $ 231 ​?

Answer 1

Explanation:

To earn a total interest of $231 in one year by investing $3500 in two bank accounts, one at 4.7% annual interest and the other at 18% annual interest, the person should invest $2200 in the account with 18% annual interest and $1300 in the account with 4.7% annual interest. This allocation will yield $201.60 in interest from the 18% account and $29.40 in interest from the 4.7% account, for a total interest of $231.