You have $6000 to invest in stock funds. The first fund pays 5% annual interest and the second account pays 9% annual interest. If after a year you have made $380 in interest, how much money did you invest in each account?

Question

Mathematics

Kevin Woodard

22 March, 01:00

You have $6000 to invest in stock funds. The first fund pays 5% annual interest and the second account pays 9% annual interest. If after a year you have made $380 in interest, how much money did you invest in each account?

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Answers (1)

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Rudy Jennings · Answer 1

Let x be the amount invested at 5%.

Then the amount invested at 9% is 6000 - x.

0.05x + 0.09 (6000 - x) = 380

Solving the equation gives: x = 4000.

The answer is: $4000 invested at 5% and $2000 invested at 9%.