4f. A total of $1000 is deposited into two simple interest
accounts. On one account the annual simple interest rate is 5% and
on the second account the annual simple interest rate is 7%. The
amount of interest earned for 1 year was $64. How much is invested
in each account?
Answer:
x = amount in 5%
1000 - x = amount
in 7%
Deposited $300 at 5% and $700 at 7%. |