SOLUTION: Larry Mitchell invested part of his $20000 advance at 2% annual simple interest and rest at 6% annual simple interest .if the total yeraly interest from both account was $560 , fin

Algebra ->  Expressions-with-variables -> SOLUTION: Larry Mitchell invested part of his $20000 advance at 2% annual simple interest and rest at 6% annual simple interest .if the total yeraly interest from both account was $560 , fin      Log On


   

Question 1047686: Larry Mitchell invested part of his $20000 advance at 2% annual simple interest and rest at 6% annual simple interest .if the total yeraly interest from both account was $560 , find the amount invested at each rate
Answer by solver91311(24713) About Me  (Show Source):
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A person has currency units invested in 2 accounts.

One account earns percent interest, and the other account earns percent interest.

The two accounts earn a total of interest in one year.

How much is invested in each account?

Let be the amount invested at percent. Then the amount invested at percent is , and:



Solve for , then calculate

John

My calculator said it, I believe it, that settles it