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13 January, 12:47

You invested $29 comma 000 in two accounts paying 2 % and 5 % annual interest, respectively. If the total interest earned for the year was $ 940 comma how much was invested at each rate?

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  1. 13 January, 13:54
    0
    Amount invested in account paying 2% = $17,000

    Amount invested in account paying 5% = $12,000

    Explanation:

    Total amount invested = $29,000

    Total Interest earned = $940

    Let the amount invested in account paying 2% interest be 'x'

    Therefore,

    the amount invested in account paying 5% interest will be '$29,000 - x'

    Now,

    (2% of x) + [ 5% of ($29,000 - x) ] = $940

    or

    0.02x + 1450 - 0.05x = $940

    or

    - 0.03x = $940 - $1450

    or

    - 0.03x = - $510

    or

    x = $17,000

    Hence,

    Amount invested in account paying 2% = $17,000

    Amount invested in account paying 5% = $29,000 - $17,000 = $12,000
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