Question

Jody invested $5500 less in an account paying 4% simple interest than she did in an account paying 3% simple interest. At the end of the first year, the total interest from both accounts was 648. Find the amount invested in each account.

Answer 1

We will have the following:

*First, we construct the expression that is given in the text, that is:

$0.04(x-5500)+0.03x=648$

*Second: We operate:

$\Rightarrow0.04x-220+0.03x=648\Rightarrow0.07x-220=648$$\Rightarrow0.07x=868\Rightarrow x=12400$

So, Jodie invested $12 400 in each account.