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20 September, 10:29

A total of $3800 is invested into two accounts paying 4% and 7% annual interest. In one year the combined interest on the accounts is $218.

Find the amount invested at 4%.

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  1. 20 September, 10:57
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    To find the money you make, take:

    x (1 ( + or - ) % interest rate) * Time

    So in this case, it would be:

    3800 (1+0.04) (1) = Ans

    and

    3800 (1+0.07) (1) = Ans

    Assumably, combining those totals would give you $218. If you take the total of 3800 (1+0.04) (1), subtract that from $218.

    218 - (3800 (1+0.04) (1)) = Your Answer
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