Respuesta :
Answer:$10000 was invested into the account earning 4% interest.
$7000 was invested into the account earning 3% interest.
Step-by-step explanation:
Let x represent the amount invested into the account earning 4% interest.
Let y represent the amount invested into the account earning 3% interest.
Fred invests 3000 more in an account that pays 4% interest than he gives an account that pays 3% interest. This means that
x = y + 3000
The formula for simple interest is expressed as
I = PRT/100
Where
P represents the principal
R represents interest rate
T represents time in years
I = interest after t years
Considering the account earning 4% interest, the interest would be
I = (x × 4 × 1)/100 = 0.04x
Considering the account earning 11% interest, the interest would be
I = (x × 3 × 1)/100 = 0.03y
If the total interest earned for the first year is $610, it means that
0.04x + 0.03y = 610 - - - - - - - - - - -1
Substituting x = y + 3000 into equation 1, it becomes
0.04(y + 3000) + 0.03y = 610
0.04y + 120 + 0.03y = 610
0.04y + 0.03y = 610 - 120
0.07y = 490
y = 490/0.07 = $7000
x = y + 3000 = 7000 + 3000
x = $10000
