Question

An investment advisor invested 14000 in two accounts. One investment earned 8% annual simple interest and the other investment earned 3.5% annual simple interest. The amount of interest earned for 1 year was $823 how much was invested in each account

Answer 1

The rate shows that the amount invested at 8% will be $7400.

How to illustrate the information?

Let the amount invested at 3.5 be x.

Let the amount invested at 8% be 14000 - x.

Interest on 3.5% will be 0.035

Interest on 8% will be 8%(14000 - x) = 1120 - 0.08x

This will be:

0.035x + 1120 - 0.08x = 823

-0.045x = -297

x = 6600

The amount invested at 8% will be:

= 14000 - 6600

= 7400

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