SOLUTION: Last year, Dan had $10,000 to invest. He invested some of it in an account that paid 5% simple interest per year, and he invested the rest in an account that paid 6% simple interes

Question 1189556: Last year, Dan had $10,000 to invest. He invested some of it in an account that paid 5% simple interest per year, and he invested the rest in an account that paid 6% simple interest per year. After one year, he received a total of $590 in interest. How much did he invest in each account?
First account:
Second account:
Found 2 solutions by josgarithmetic, greenestamps:
Answer by josgarithmetic(39618) (Show Source): You can put this solution on YOUR website!
Investing x at 6%,
then investing 10000-x at 5%

Account for the earned 1-year interest.

.
.
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

Here is a quick and easy informal way to solve a "mixture" problem like this.

(1) $590 interest on an investment of $10,000 is a return of 5.9%
(2) 5.9% is 9/10 of the way from 5% to 6%
(3) That means 9/10 of the total was invested at the higher rate.

ANSWER: 9/10 of the $10,000, or $9000, at 6%; the other $1000 at 5%.

CHECK: .06(9000)+.05(1000)=540+50=590

RELATED QUESTIONS
Last year, Dan had $30,000 to invest. He invested some of it in an account that paid (answered by ewatrrr)
Last year, Carlos had $30,000 to invest. He invested some of it in account that paid 10%... (answered by greenestamps)
Last year, Kareem had $10,000 to invest. He invested some of it in an account that paid... (answered by ikleyn)
Last year, Lucy had $10,000 to invest. He invested some of it in an account that paid 9%... (answered by ikleyn)
Last year, Jim had $20,000 to invest. He invested some of it in an account that paid (answered by solver91311)
Last year, Michael had $20,000 to invest. He invested some of it in an account that paid... (answered by ikleyn)
Last year Carlos had $30000 to invest he invested some of it in an account that paid 10%... (answered by stanbon)
Last year, Deshaun had 10,000 to invest. He invested some of it in an account that paid... (answered by mananth)
Last year, Austin had $20,000 to invest. He invested some of it in an account that... (answered by addingup)