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You invested 16,000 in two accounts paying 4% and 6% annual​ interest, respectively. If the total interest earned for the year was $ 860 comma$860, how much was invested at each​ rate?

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jepessoa

Answer:

amount deposited on the account that pays 4% = $5,000

amount deposited on the account that pays 6% = $11,000

Explanation:

let A = amount deposited in first account

let B = amount deposited in the second account

A + B = 16,000

0.04A + 0.06B = 860

A = 16,000 - B (now we replace)

0.04 (16,000 - B) + 0.06B = 860

640 - 0.04B + 0.06B = 860

0.02B = 860 - 640 = 220

B = 220 / 0.02 = 11,000

A = 5,000

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