Question

last year, milan had $30,000 to invest. he invested some of it in an account that paid 5% simple interest per year, and he invested the rest in an account that paid 6% simple interest per year. after one year, he received a total of $1760 in interest. how much did he invest in each account?
first account: $
second account: $

Explanation:

Step1: Define variables

Let $x$ = amount invested in 5% account, $30000 - x$ = amount invested in 6% account.

Step2: Set up interest equation

Total interest = 5% of $x$ + 6% of $(30000 - x)$
$\$1760 = 0.05x + 0.06(30000 - x)$

Step3: Expand and simplify

$\$1760 = 0.05x + 1800 - 0.06x$
$\$1760 = 1800 - 0.01x$

Step4: Solve for $x$

$0.01x = 1800 - 1760$
$0.01x = 40$
$x = \frac{40}{0.01} = 4000$

Step5: Find second account amount

$30000 - x = 30000 - 4000 = 26000$

Answer:

First account: $\$4000$
Second account: $\$26000$