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29 Jan 2020, 03:29
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25% (medium)

Question Stats:

92% (01:27) correct 8% (04:10) wrong based on 25 sessions

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A total of $1200 is deposited in two savings account for one year, part at 5% and the remainder at 7%. If$72 was earned in interest, how much was deposited at 5%?

A. 410

B. 520

C. 600

D. 650

E. 760

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29 Jan 2020, 21:53
Bunuel wrote:
A total of $1200 is deposited in two savings account for one year, part at 5% and the remainder at 7%. If$72 was earned in interest, how much was deposited at 5%?

A. 410

B. 520

C. 600

D. 650

E. 760

Solution:
Total investment = $1200 • Let the amount invested at 5% interest rate be$x
o Amount invested at 7% interest rate = $(1200 – x) Both the investments are made for one year. • Interest earned on$x after one year =$$\frac{x*5*1}{100}$$
• Interest earned on $(1200-x) after one year =$$\frac{(1200- x)*7*1}{100}$$ Total interest earned after one year is$72
• $$\frac{x*5*1}{100} +\frac{(1200- x)*7*1}{100}$$ = 72
• 5x + 8400 – 7x =7200
• -2x = 7200 – 8400
• -2x = - 1200
• x = 600
Hence, the correct answer is Option C.
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