ming wang invested $10,000, part at 4% and part at 5% simple interest for a period of 1 year. how much was…

ming wang invested $10,000, part at 4% and part at 5% simple interest for a period of 1 year. how much was invested in each account if the interest earned in the 5% account was $248 greater than the interest earned in the 4% account? ming wang invested $ at 4%.

ming wang invested $10,000, part at 4% and part at 5% simple interest for a period of 1 year. how much was invested in each account if the interest earned in the 5% account was $248 greater than the interest earned in the 4% account? ming wang invested $ at 4%.

Answer

Explanation:

Step1: Let the amount invested at 4% be $x$.

Then the amount invested at 5% is $(10000 - x)$.

Step2: Calculate the interest from each account.

The interest from the 4% - account is $I_1=0.04x$ (using the simple - interest formula $I = Prt$, where $t = 1$ year). The interest from the 5% - account is $I_2 = 0.05(10000 - x)$.

Step3: Set up the equation based on the given condition.

We know that the interest earned in the 5% account was $248 greater than the interest earned in the 4% account. So, $0.05(10000 - x)-0.04x=248$.

Step4: Expand and solve the equation.

Expand the left - hand side: $500-0.05x - 0.04x=248$. Combine like terms: $500-(0.05x + 0.04x)=248$, which gives $500 - 0.09x=248$. Subtract 500 from both sides: $-0.09x=248 - 500=-252$. Divide both sides by $- 0.09$: $x=\frac{-252}{-0.09}=2800$.

Answer:

2800