How do you solve this question about savings account?
May 11, 2009 by admin
Filed under Questions and Answers
YouHelpMe-IHelpYou asked:
Jane took out $5000 from her savings account which paid 2% interest and invested it in a stock paying 8%. If the total interest from both the remaining savings account money and the stock amounted to $580 for a year, how much was orginally in the savings account?
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Jane took out $5000 from her savings account which paid 2% interest and invested it in a stock paying 8%. If the total interest from both the remaining savings account money and the stock amounted to $580 for a year, how much was orginally in the savings account?
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Robert M on Tue, 12th May 2009 4:33 am
Ok the equation is (x-5000)0.02+5000(0.08)=580, so 0.02x-100+400=580, solve for x to get $14,000