Question

Julie earned a $1500 bonus at work for doing a good job. She placed part of the money in a regular savings account earning 2.5% annual interest. She placed the remaining amount in a money market account earning 5% interest annually. At the end of the year she earned four times more in the money market account than she did in the regular savings account. How much did Julie invest in the money market account at 5% interest? (Express your answer to the nearest dollar)

Answer 1

The amount of money Julie invested in the money market account at 5% interest is $600

How to find amount Julie invest in the money market

According to the question;

• It follows that the total amount earned is; $1500. and
• Let, x and y be the initial allocated to savings and market account respectively, then;

x + y = 1500

4 × (0.025 × x) = (0.05 × y)

Therefore;

x = y/2

Therefore, y + y/2 = 1500

2.5y = 1500

y = $600

and

x = $900

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