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12 May, 15:36

2. $6000 is divided between two accounts, one paying 4% interest and the other paying 5% interest. At the end of one interest period, the interest earned by the 4% account exceeds the interest earned by the 3% account by $65. How much was invested in each account?

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  1. 12 May, 15:52
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    The correct answer is:

    - Account "A": $3500

    - Account "B": $2500

    Step-by-step explanation:

    * As the main account is split in two:

    - Account "A": n

    - Account "B": $6000-n

    * Let's consider Account "A" will be applied 4% interest and Account "B" will be applied 3% interest.

    * In the problem, the Simple Interest Rate is used:

    Simple Interest Formula = Principal x Interest Rate x Time Period

    * According to the problem, at the end of 1 interest period, applying the Simple Interest Formula:

    - Account "A": 4n/100

    - Account "B": (3 ($6000-n)) / 100 + $65

    - Solving the equation:

    4n/100 = 3 ($6000-n) / 100 + $65

    4n/100=$18000/100 - 3n/100+$65

    7n/100=$180+$65

    7n=$245 x 100

    n=$3500

    → Account "A": $3500

    → Account "B": $6000-$3500 = $2500
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