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6 February, 02:04

A person invested $20,000 into two accounts that pays 2.5% and 3% simple interest annually, respectively. find the amount invested into the two accounts if the total interest earned after one year is $540

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  1. 6 February, 02:18
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    Let:

    x = amount in the account invested in 2.5%

    20000 - x = amount in the account invested in 3%

    Solution:

    .025x +.03 (20000 - x) = 540

    .025x + 600 -.03x = 540

    -.005x + 600 = 540

    -.005x = 540 - 600

    -.005x = - 60

    x = 12000

    Therefore, that person invests 12,000 at 2.5%

    and

    20,000 - 12,000 = 8,000 at 3%
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