Knowee
Questions
Features
Study Tools

Last year Sarah invested money in two accounts. The first account had an interest rate of 3%3% and the second account had an interest rate of 2%2%. If she invested $600$⁢600 more in the first account than the second and her total interest income was $388$⁢388, how much did she invest at each rate?Step 3 of 3: Solve the equation found in part 2 for x. Use this information to answer the given word problem.

Question

Last year Sarah invested money in two accounts. The first account had an interest rate of 3%3% and the second account had an interest rate of 2%2%. If she invested 600600⁢600 more in the first account than the second and her total interest income was 388388⁢388, how much did she invest at each rate?Step 3 of 3: Solve the equation found in part 2 for x. Use this information to answer the given word problem.

...expand
🧐 Not the exact question you are looking for?Go ask a question

Solution

From the problem, we know that Sarah invested xinthesecondaccountandx in the second account and x + 600inthefirstaccount.Wealsoknowthatthetotalinterestfrombothaccountsis600 in the first account. We also know that the total interest from both accounts is 388.

The interest from the first account is 3% of (x+x + 600) and the interest from the second account is 2% of $x.

So, we can set up the following equation:

0.03(x+x + 600) + 0.02x=x = 388

Solving this equation will give us the value of $x, which is the amount Sarah invested in the second account.

Let's solve the equation:

0.03x+x + 18 + 0.02x=x = 388 0.05x+x + 18 = 3880.05388 0.05x = 388−388 - 18 0.05x=x = 370 x=x = 370 / 0.05 x=x = 7400

So, Sarah invested $7400 in the second account.

Since she invested 600moreinthefirstaccount,sheinvested600 more in the first account, she invested 7400 + 600=600 = 8000 in the first account.

So, Sarah invested 8000at38000 at 3% and 7400 at 2%.

This problem has been solved

Similar Questions

Last year Sarah invested money in two accounts. The first account had an interest rate of 4%4% and the second account had an interest rate of 3%3%. If she invested $700$⁢700 more in the first account than the second and her total interest income was $392$⁢392, how much did she invest at each rate?

Last year Rachel invested money in two accounts. The first account had an interest rate of 6%6% and the second account had an interest rate of 4%4%. If she invested $800$⁢800 more in the first account than the second and her total interest income was $238$⁢238, how much did she invest at each rate?Step 2 of 3: Use the table from part 1 to help write a linear equation that represents the given word problem. (Use x to represent the unknown quantity.) Do not simplify your answer.

After 88 years, Susan's account earned $900$⁢900 in interest. If the interest rate (in decimal form) is 0.10.1, how much did Susan initially invest?Susan's Bank StatementInterest Earned $900$⁢900Rate 0.10.1Time 88 YearsPrincipal Invested ?Step 2 of 3: Without substitution, solve the formula for the unknown variable in terms of the known variables.

After 88 years, Amanda's account earned $1500$⁢1500 in interest. If the interest rate (in decimal form) is 0.080.08, how much did Amanda initially invest?Amanda's Bank StatementInterest Earned $1500$⁢1500Rate 0.080.08Time 88 YearsPrincipal Invested ?Step 2 of 3: Without substitution, solve the formula for the unknown variable in terms of the known variables.

Two investments totaling $38,500$⁢38,500 produce an annual income of $2805$⁢2805.  One investment yields 3%3% per year, while the other yields 9%9% per year. How much is invested at each rate?

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.