Question

A person plans to invest a total of $3500 in one bank account at 2.2% annual interest and another bank account at 17% annual interest. How much should he invest in each account so that the total interest in one year will be $151?

Answer 1

$435.3

Explanation:

Assuming simple interest

Interest, I=Pi/100 where P is principal amount and i is rate of interest in percentage

For $3500, the interest will be 3500*2.2/100=$77

From total target of $151, the person is less 151-77=$74

Taking x as principal and rate of interest as 17% then

0.17x=74

X=74/0.17=$435.2941176470

Rounded off as $435.3