A person has a total of $5000 in two accounts. If the first account earns 4% int

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Question: A person has a total of $5000 in two accounts. If the first account earns 4% interest and the second earns 6%, how much is in the first account if the total interest earned in one year is $240?

Options:

$2000
$3000
$2500
$1500

Correct Answer: $2500

Solution:

Let the amount in the first account be x. Then, amount in the second account = 5000 - x. Interest from first account = 0.04x, from second = 0.06(5000 - x). Total interest = 0.04x + 0.06(5000 - x) = 240. Solving gives x = $2500.

A person has a total of $5000 in two accounts. If the first account earns 4% int

Practice Questions

A person has a total of $5000 in two accounts. If the first account earns 4% interest and the second earns 6%, how much is in the first account if the total interest earned in one year is $240?

$2000
$3000
$2500
$1500

Questions & Step-by-Step Solutions

A person has a total of $5000 in two accounts. If the first account earns 4% interest and the second earns 6%, how much is in the first account if the total interest earned in one year is $240?

Step 1: Understand that there are two accounts with a total of $5000.
Step 2: Let 'x' be the amount of money in the first account (which earns 4% interest).
Step 3: Since the total amount is $5000, the amount in the second account (which earns 6% interest) will be '5000 - x'.
Step 4: Calculate the interest earned from the first account: it is 4% of 'x', which is 0.04x.
Step 5: Calculate the interest earned from the second account: it is 6% of '5000 - x', which is 0.06(5000 - x).
Step 6: Set up the equation for total interest earned in one year: 0.04x + 0.06(5000 - x) = 240.
Step 7: Simplify the equation: 0.04x + 0.06 * 5000 - 0.06x = 240.
Step 8: Calculate 0.06 * 5000, which equals 300, so the equation becomes 0.04x - 0.06x + 300 = 240.
Step 9: Combine like terms: -0.02x + 300 = 240.
Step 10: Subtract 300 from both sides: -0.02x = 240 - 300, which simplifies to -0.02x = -60.
Step 11: Divide both sides by -0.02 to find 'x': x = -60 / -0.02, which equals 3000.
Step 12: Therefore, the amount in the first account is $3000.

Interest Calculation – Understanding how to calculate interest from different accounts and set up equations based on given conditions.
Algebraic Manipulation – Ability to manipulate and solve linear equations to find unknown variables.
Total Amount Constraint – Recognizing that the total amount in both accounts must equal the specified total ($5000).

A person has a total of $5000 in two accounts. If the first account earns 4% int

What’s inside this PDF?

A person has a total of $5000 in two accounts. If the first account earns 4% int

Practice Questions

Questions & Step-by-Step Solutions

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