Hey everyone, I'm new to this forum so i don't know where to actually post this question:
~ Jim invests a total of 50,000 dollars in two accounts, one earning 2.5 percent simple rate, the other earning 5 percent, if after 2 years the account earning 5 percent has earned 500 dollars more, approximately how much was invested in the 5 percent account?
The answer is 20,000 dollars
I've been having a hard time working my head around this question, so any guidance will be appreciated.☺
~ Jim invests a total of 50,000 dollars in two accounts, one earning 2.5 percent simple rate, the other earning 5 percent, if after 2 years the account earning 5 percent has earned 500 dollars more, approximately how much was invested in the 5 percent account?
The answer is 20,000 dollars
I've been having a hard time working my head around this question, so any guidance will be appreciated.☺