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Melanie invests a total of $35,000 in two accounts. The first account earned a rate of return of 12% (after a year). However, the second account suffered a 4% loss in the same time period. At the end of one year, the total amount of money gained was $1,080.00. How much was invested into each account? was invested in the account that gained 12% and 24 was invested in the account that lost 4%.

Melanie invests a total of $35,000 in two accounts. The first account earned a rate of return of 12% (after a year). However, the second account suffered a 4% loss in the same time period. At the end of one year, the total amount of money gained was $1,080.00. How much was invested into each account? was invested in the account that gained 12% and 24 was invested in the account that lost 4%.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Melanie invests a total of $35,000 in two accounts. The first account earned a rate of return of 12% (after a year). However, the second account suffered a 4% loss in the same time period. At the end of one year, the total amount of money gained was $1,080.00. How much was invested into each account? was invested in the account that gained 12% and was invested in the account that lost 4%.
Transcribed Image Text:Melanie invests a total of $35,000 in two accounts. The first account earned a rate of return of 12% (after a year). However, the second account suffered a 4% loss in the same time period. At the end of one year, the total amount of money gained was $1,080.00. How much was invested into each account? was invested in the account that gained 12% and was invested in the account that lost 4%.
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