An investment of $6000.00 is divided between two simple interest accounts. On one account, the annual simple interest rate is 7.75%, and on the second account, the annual simple interest is 6.25%. How much should be invested in each account so that the total interest from the two accounts is $417?
(x at 7.75% and y at 6.25%.)
A) x = $2778; y = $3222
B) x = $417; y = $5583
C) x = $2800; y = $3200
D) x = $2841; y = $3159
E) x = $3200; y = $2800

Question

Quizplus · Accepted Answer

To find the correct amounts, set up the equations: x + y = 6000 and 0.0775x + 0.0625y = 417. Solving these equations gives x = $2800 and y = $3200.

An Investment of $6000