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Sterling ✨
Lv 6
Sterling ✨ asked in Science & MathematicsMathematics · 7 years ago

Please help with this math problem?

Mr. Wilson invested money in two accounts. His total investment was $30,000. If one account pays 6% in interest and the other pays 8% in interest, how much does he have in each account if he earned a total of $1,920 in interest in 1 year?

He invested $ in the 6% account and $ in the 8% account.

thank you!

1 Answer

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  • Puzzling
    Lv 7
    7 years ago

    Let x be the amount put into the 6% account

    Let 30000-x be the amount put into the 8% account

    0.06x + 0.08(30000-x) = 1920

    0.06x + 2400 - 0.08x = 1920

    -0.02x = -480

    x = 480/0.02

    x = 480 x 50

    x = 24,000

    Answer:

    $24,000 in the 6% account

    $6,000 in the 8% account

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