Question

$1,395 is divided between two accounts. One account pays 0.6% interest, while the other pays 6.9% interest. At the end of one interest period, the interest earned was $73. How much was invested at 6.9%?

Round your answer to 2 decimal places.

Answer 1

Answer:

$1025.87

Step-by-step explanation:

Assume that

Account 1: $(x) with 0.6% of interest

Account 2: $(1395 - x) with 6.9% of interest

0.6% = 0.006

6.9% = 0.069

0.006x + 0.069(1395 - x) = 73

0.006x - 0.069x = 73 - 96.255

0.063x = 23.255

x = 369.13

$1395 - $369.13 = $1025.87  with 6.9% interest.