The community relief charity group is earning 3.5% simple interest on the $2400

Question

The community relief charity group is earning 3.5% simple interest on the $2400 it invested in a saving account. It also earns 4.6% simple interest on an insured bond fund. The annual interest earned from both accounts is $337.How much is invested in the insured bond fund The community relief charity group is earning 3.5% simple interest on the $2400 it invested in a saving account. It also earns 4.6% simple interest on an insured bond fund. The annual interest earned from both accounts is $337.How much is invested in the insured bond fund

Explanation / Answer

Let the amount stored in the insured bond fund be x.

Simple interest on saving account = 3.5 %

Simple interest on the insured bond fund = 4.6 %

Amount in savings account = $ 2400

Total annual interest earned= $337

=> 0.035*2400+0.046x= 337

=> 84+0.046x= 337

=> x = 253/0.046

=> x = 5500

So, $5500 is invested in insured bond fund

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