SAVINGS ACCOUNT 3% simple interest annually GOVERNMENT BOND 4% simple interest<

Question

SAVINGS ACCOUNT

3% simple interest

annually

GOVERNMENT BOND

4% simple interest

annually

15. A student athletic council raised $6500 in a volleyball marathon

The students put some of the money in a savings account and the

in a government bond. The rates are shown at the left. After one year

the students earned $235. How much did they invest at each rate>

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Brielle 4 weeks 2021-09-17T17:01:49+00:00 1 Answer 0

Answers ( )

    0
    2021-09-17T17:03:04+00:00

    Answer:

    $4000 was invested at 4%, 2500 was invested at 3%

    Step-by-step explanation:

    First and foremost the question has to be define.

    Total amount raised is $6500

    Savings account percentage simple interest =3%

    Government Bond: 4% simple interest

    Equation for amount invested at each rate:

    (6500-x)0.03 + 0.04x = 235

    195 – 0.03x + 0.04x = 235

    0.01x = 40

    x = 4000

    $4000 was invested at 4%, 2500 was invested at 3%

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