SOLUTION: I need help setting up the following problem: You invest $6000 in two accounts payinhg 6% and 9% annual interest, respectively. At the end of the year, the accounts earn the same

Question 102484This question is from textbook Introductory Algebra for College Students
: I need help setting up the following problem:
You invest $6000 in two accounts payinhg 6% and 9% annual interest, respectively. At the end of the year, the accounts earn the same interest. How much was invested at each rate? This question is from textbook Introductory Algebra for College Students

Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
I need help setting up the following problem:
You invest $6000 in two accounts payinhg 6% and 9% annual interest, respectively. At the end of the year, the accounts earn the same interest. How much was invested at each rate?
Let's say you invest X at 6% and Y at 9%.
You know that
1.
You also know that the interest for each is the same

Set them equal to each other.

2.
Now you have two equations with two unknowns (X and Y).
Use Equation (2) and solve for X.

Substitute into Equation (1)
1.
Substitute
Multiply both sides by 2.
Simplify.
Multiplicative inverse of 5.

Use equation (1)

$3600 invested at 6%.
$2400 invested at 9%.
$216 made by each account.
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