Joy invests a total of $24,500 in two accounts paying 3% and 7% simple interest, respectively. How much was invested in each account if, after one year, the total interest was $995.00. A) Enter an equation that uses the information as it is given that can be used to solve this problem. Use as your variable to represent the amount of money invested in the account paying 3% simple interest. Equation: B) The answers are: $ 18000 $ 6500 was invested at 3% and was invested at 7%. Question Help: Video Submit Question
Joy invests a total of $24,500 in two accounts paying 3% and 7% simple interest, respectively. How much was invested in each account if, after one year, the total interest was $995.00. A) Enter an equation that uses the information as it is given that can be used to solve this problem. Use as your variable to represent the amount of money invested in the account paying 3% simple interest. Equation: B) The answers are: $ 18000 $ 6500 was invested at 3% and was invested at 7%. Question Help: Video Submit Question
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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What is the equation
![**Investment Problem: Finding the Amount Invested at Different Interest Rates**
**Problem Statement:**
Joy invests a total of $24,500 in two accounts paying 3% and 7% simple interest, respectively. How much was invested in each account if, after one year, the total interest was $995.00?
**Task A:**
Enter an equation that uses the information as it is given that can be used to solve this problem. Use \( x \) as your variable to represent the amount of money invested in the account paying 3% simple interest.
**Equation:**
\[
\begin{aligned}
&\text{Let } x \text{ be the amount invested at 3%.} \\
&\text{Let } (24500 - x) \text{ be the amount invested at 7%.} \\
&0.03x + 0.07(24500 - x) = 995
\end{aligned}
\]
**Task B:**
The answers are:
- $18,000 was invested at 3%
- $6,500 was invested at 7%
**Additional Resources:**
For more help, please refer to the provided video tutorial.
**Submit:**
Once you have reviewed your work, click "Submit Question" to finalize your answer.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F661e79ee-05f0-4794-8531-9b5261a2e126%2F7ae2223e-810f-4deb-82dd-1bf347e87c05%2Fip94mx9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Investment Problem: Finding the Amount Invested at Different Interest Rates**
**Problem Statement:**
Joy invests a total of $24,500 in two accounts paying 3% and 7% simple interest, respectively. How much was invested in each account if, after one year, the total interest was $995.00?
**Task A:**
Enter an equation that uses the information as it is given that can be used to solve this problem. Use \( x \) as your variable to represent the amount of money invested in the account paying 3% simple interest.
**Equation:**
\[
\begin{aligned}
&\text{Let } x \text{ be the amount invested at 3%.} \\
&\text{Let } (24500 - x) \text{ be the amount invested at 7%.} \\
&0.03x + 0.07(24500 - x) = 995
\end{aligned}
\]
**Task B:**
The answers are:
- $18,000 was invested at 3%
- $6,500 was invested at 7%
**Additional Resources:**
For more help, please refer to the provided video tutorial.
**Submit:**
Once you have reviewed your work, click "Submit Question" to finalize your answer.
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