Question
Asked Dec 3, 2019
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how do i solve this application ? step by step please 

) Ann invested $12,000 in two bank accounts. One of the accounts pays 6% annual
interest, and the other account pays 5% annual interest. If the combined simple
interest earned in both accounts after a year was $700, how much money was
invested in each account?
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) Ann invested $12,000 in two bank accounts. One of the accounts pays 6% annual interest, and the other account pays 5% annual interest. If the combined simple interest earned in both accounts after a year was $700, how much money was invested in each account?

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Expert Answer

Step 1

Given:

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Total amount invested in two banks $12,000 First banks annual interest is 5%. Second bank annual interest is 6%. After 1 year interest of both banks is $700.

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Step 2

Find the interest of first bank:

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Let x be the amount invested 5% in 1 year pnr 100 x(1)5 100 5x 100 Thus, the remaining amount is 12000 - x.

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Step 3

Find the interest of...

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рnr 100 (12,000- х)(1)6 100 72000- 6х 100

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