$10K invested in 2 accts, 4%, 5%: find amts if 5% $320 more

LailuhBella

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I've been trying to solve this problem for the past hour and I can't figure it out!!!! Its driving me insane.

Wendy invested $10000, part at 4% and part at 5% simple intrest for a period of 1 year. How much was invested in each account if the interest earned in the 5% account was $320 greater than the interest earned in the 4% account?

I know that you set up a table to solve it.. but I can't figure out the equation! Thanks.

...........................................................................................................................................

Okay I have the table like this:

1) .04 x .04x
2) .05 10000-x .05(10000-x)

Then the equation I think you would use is:

.04x+500-.05x=320+x

I just cannot reach the answer algebraicly.. :/ Thanks again.

And I think I used the PRT=I formula..

Principle=10000-x and x
Rate=.04 and .05
Time=1
and the Intrest I think should be 320+x
 
Re: Please Help!!

Show us the table that you use to set it up. Have you named things correctly? Have you used the formula Amount of interest = Principal X rate X time?
 
Re: Please Help!!

LailuhBella said:
Okay I have the table like this:
Code:
1) .04        x                   .04x
2) .05       10000-x          .05(10000-x)
What is your 'x' - define your variables?

First column has the interest rates - second column has the amount of money invested in each account


What does the third column tell you?

What does the following statement tell you:

....if the interest earned in the 5% account was $320 greater than the interest earned in the 4% account?

 
Re: Please Help!!

Subhotosh Khan said:
LailuhBella said:
Okay I have the table like this:
Code:
1) .04        x                   .04x
2) .05       10000-x          .05(10000-x)
What is your 'x' - define your variables?
x stands for the amount of money invested in each account

First column has the interest rates - second column has the amount of money invested in each account
What does the third column tell you?
the third column is the intrest.. i think..

What does the following statement tell you: "....if the interest earned in the 5% account was $320 greater than the interest earned in the 4% account?
this statement tells me that the intrest amounts need to be 320$ different and that there is more money invested in the 5% account
 
Re: Please Help!!

LailuhBella said:
What is your 'x' - define your variables?
x stands for the amount of money invested in each account

First column has the interest rates - second column has the amount of money invested in each account
What does the third column tell you?
the third column is the intrest.. i think..

What does the following statement tell you:

....if the interest earned in the 5% account was $320 greater than the interest earned in the 4% account?

this statement tells me that the intrest amounts need to be 320$ different and that there is more money invested in the 5% account

Good that is correct.

Then

Interest earned in 4% account = 0.04 * x ..............................................(1)

Interest earned in 5% account = 0.05 * (10000 - x) ..................................(2)

Then the condition

....if the interest earned in the 5% account was $320 greater than the interest earned in the 4% account?


Tells you

(expression 2) - (expression 1) = 320 ............................................................................(3)

There, in (3), is your equation to solve
 
Re: Please Help!!

LailuhBella said:
Principle=10000-x and x
Rate=.04 and .05
Time=1
and the Intrest I think should be 320+x
C'mon LB; you almost got it...

x = amount invested at 5%; then 10000-x = amount invested at 4%
(I think you got that in your 1st 2 lines: show it CLEARLY!)

So the amounts of interest are .05x and .04(10000-x) ; see that?

Now finish it off...
 
Re: Please Help!!

Alright! I think I got it!!! The answer is 2000 at 4% and 8000 at 5%. Thanks so much :)
 
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