Matthew has $40,000 invested in a checking account paying 3.7% per year and a savings account paying 6.3% per year. The total interest earned in the two accounts at the end of the year was equivalent to an 5.5% on the entire $40,000. How much was invested in each account?

Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter19: Capital Investment
Section: Chapter Questions
Problem 8E
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Matthew has $40,000 invested in a checking account paying 3.7% per year and a savings
account paying 6.3% per year. The total interest earned in the two accounts at the end of
the year was equivalent to an 5.5% on the entire $40,000. How much was invested in each
account?
Transcribed Image Text:Matthew has $40,000 invested in a checking account paying 3.7% per year and a savings account paying 6.3% per year. The total interest earned in the two accounts at the end of the year was equivalent to an 5.5% on the entire $40,000. How much was invested in each account?
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