Nancy invested $8,000, some at 5% and some at 9% annual interest. If er combined annual interest is $ 620, find the amount in each account.
BOX PROBLEM URGENT!!!!
For how many years is that interest?
I will assume 1 year
x = 5% amount
8000 - x = 9% amount
.05 x + .09 (8000-x ) 620
.05x - .09 x + 720 = 620
-.04x = -100
x = $ 2500 in 5% account the remainder 8000-2500 = $ 5500 = amount in 9% account
Wel...I don't know what a "box problem," is....but....we can still solve this
Let the amount invested at 5% = A
Let the amount invested at 9% = 8000 - A
So.....using
Principal * interstest rate = interest earned, we have that
5% * A + 9% * ( 8000 - A) = 620
.05A + .09 (8000 - A) = 620
.05A + 720 - .09A = 620
-.04A + 720 = 620 subtract 720 from each side
-.04A = -100 divide both sides by -.04
A = $2500 = the amount at 5%
Which means that the amount at 9% = 8000 - 2500 = $5500