Not sure how to go about answering this homework question:
You invested $11,000 in 2 accounts paying 4% and 8% annual interest. If the total interest earned for the year was $760, how much was invested at (a) 4% and (b) 8%?
Thanks for the help!
Not sure how to go about answering this homework question:
You invested $11,000 in 2 accounts paying 4% and 8% annual interest. If the total interest earned for the year was $760, how much was invested at (a) 4% and (b) 8%?
Thanks for the help!
Let be the amount invested in the account with 4%. Therefore is invested in the account with 8%
These totals are equal to $760. So we add them to give:
Solve for n which will be the answer to part a. To find the answer to part b subtract the value of n from 11,000
Therefore $3,000 is invested at 4% and $8,000 is invested at 8%
I am not 100% sure about the position of n regarding the power. In this case it's not important for the power 1 doesn't change anything