Question

Madison deposited a total of $5,000 between two saving accounts bearing simple interest. One of the accounts has an interest rate of 4% while the other rate is 5%. If the total interest earned after one year is $220, find the amount deposited into each of the accounts.

Answer 1

0.04x+0.05 (5000-x)=220
Solve for x to find the amount invested at 4%
0.04x+250-0.05x=220
0.04x-0.05x=220-250
-0.01x=-30
X=30÷0.01
X=3,000 invested at 4%

5000-3000=2000 invested at 5%