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January 31st, 2016, 09:24 AM  #1 
Newbie Joined: Jan 2016 From: Ohio Posts: 1 Thanks: 0  anybody know of a way to figure the answer out other than process of elimination?
The answer is 1200. Is there a formula to figure this out other than thru process of elimination? Here's the question > Myra gave a financial planner 5000 dollars to invest between two accounts. One account had an interest rate of 6.24 percent and the other had an interest rate of 7.2 percent. For the investment services, the financial planner will take a 100 dollar commission at the end of the year. After the commission has been collected, Myra’s total account balance at the end of the year was 5,248.48 dollars. How much money did the financial planner invest in the account with the lower interest rate? 
January 31st, 2016, 11:33 AM  #2 
Global Moderator Joined: Dec 2006 Posts: 20,627 Thanks: 2077 
Before the \$100 commission, the total interest received was \$348.48. The 6.24% account earned 0.96% less interest than the 7.2% account. As \$348.48 is \$11.52 less than the \$360 interest that would have been earned by the \$5000 in the 7.2% account, the amount invested in the 6.24% account was \$11.52 / 0.0096 = \$1200. To obtain a formula for the answer, assign variables for the various values given in the problem, then use those variables to do the calculations I gave above. 

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