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Yesterday, 18:20

Last year, Goran had $30,000 to invest. He invested some of it in an account that paid 7% simple interest per year, and he invested the rest in an account that paid 10% simple interest per year. After one year, he received a total of $2460 in interest. How much did he invest in each account?

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  1. Yesterday, 18:31
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    He invested $18,000 in the first account

    he invested $12,000 in the second account

    Explanation:

    Let x represent the account that pays 7% simple interest

    Let y represent the account that pays 10% simple interest

    The sum of x and y gives a total investment of $30,000

    x+y=30000 ... 1

    From interest perspective, we have the below equation as well:

    0.07x+0.10y=2460 ... 2

    From equation 1

    x=30,000-y

    substitute for x in equation 2

    0.07 (30,000-y) + 0.10y=2460

    2100-0.07y+0.10y=2460

    0.03y=2460-2100

    0.03y=360

    y=360/0.03

    y=$12,000

    substitute for y in equation 1

    x+12,000=30,000

    x=30,000-12,000=$18,000
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