You invested $7000 in two accounts paying 2/5 and 5% annual interest, respectively. If the total interest earned for the year was $230, how much was invested at each rate?

Question

mertsj · Answer

The two amounts are x and 7000-x
the interest on the two amounts is:  .004x and .05(7000-x)
The total interest is $230 so:
.004+.05(7000-x)=230

mertsj · Answer

Assuming that you meant 2/5 % that is.

anonymous · Answer

I meant 2% and 5% respectively.

anonymous · Answer

So instead of 2/5% it would be 2%

mertsj · Answer

ok.  replace .004 with .02