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One thousand five hundred dollars is invested in two different accounts paying 4% and 5% interest. A total of $67 interest is earned after one year.
How much money was invested at 4%?
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annually i think. it doeesnt specify
Alright. The idea here is pretty simple. Consider this:suppose the first sum was X and the second sum was Y. |dw:1437351988132:dw|
The total sum deposited being 1500$ simply means that X+Y=1500.
The interest earned for each sum is simply:
Mathematically we can write that as:
4X/100 + 5Y/100 = 67 (which is the total interest earned that year)
And now we simply have to solve two equations with two unknown variables.
4X/100 + 5Y/100 = 67
We multiply the second equation with 100:
We multiply the first equation with 5:
We subtract the second equation from the first equation:
Which is the answe you are looking for.