A total of $6000 is invested for 5 yr with a total return of $1080. Part of the money is invested in a fund that returns the equivalent of 2% simple interest. The rest of the money is invested at 4% simple interest. Determine the amount invested in each account.

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pedrocarratore pedrocarratore · Answer 1 · 2019-11-28T09:09:08+01:00

Answer:

$1,200 were invested at 2% simple interest

$4,800 were invested at 4% simple interest

Explanation:

Let x be the amount invested in a fund that returns the equivalent of 2% simple interest and y be the amount invested at 4% simple interest.

[tex]x+y = 6000\\0.02x*5 +0.04y*5 = 1080\\0.1x +0.2y = 1080[/tex]

Combining the first and third equation:

[tex]x+y = 6000\\(x +2y)-(x+y) = 10800-6000\\y= 4800\\x = 6000 - y = 6000 - 4800\\x=1200[/tex]

$1,200 were invested at 2% simple interest and $4,800 were invested at 4% simple interest