SOLUTION: Ms. Burke invested 20,000 in two accounts, one yielding 7% interest and the other one yielding 11%. If she received a total of $1560 in interest at the end of the year, how much di
Algebra.Com
Question 1206065: Ms. Burke invested 20,000 in two accounts, one yielding 7% interest and the other one yielding 11%. If she received a total of $1560 in interest at the end of the year, how much did she invest in each account?
The amount invested at 7% was
The amount invested at 11% was
Answer by greenestamps(13203) (Show Source): You can put this solution on YOUR website!
The standard setup for solving the problem algebraically....:
x = amount that yielded 7% interest
20000-x = amount that yielded 11% interest
The total interest earned was $1560:
I'll leave it to you to finish solving the problem by that method, using basic algebra.
A quick informal method for solving any 2-part "mixture" problem like this, if a formal algebraic solution is not required....
(1) $1560 interest on an investment of $20,000 is a return of 1560/20000 = 0.078 = 7.8%.
(2) Using a number line if it helps, observe/calculate that 7.8% is 0.8/4.0 = 1/5 of the way from 7% to 11%.
(3) That means 1/5 of the total was invested at the higher rate.
1/5 of $20,000 is $4000.
ANSWER: $4000 was invested at 11%; the other $16,000 was invested at 7%.
CHECK: .11(4000)+.07(16000) = 440+1120 = 1560
RELATED QUESTIONS
Ms. Burke invested 29,000 in two accounts, one yielding 8% interest and the other... (answered by ikleyn)
Ms. Burke invested $15,000 in two accounts, one yielding 5% interest and the other 12%.... (answered by checkley77)
Ms. Burke invested $29 comma 000 in two accounts, one yielding 8% interest and... (answered by richwmiller,Alan3354,ikleyn)
ms walsh invested $16000 in two accounts, one yielding 5% and the other yielding 12% if... (answered by josgarithmetic)
Ms. Jones invested $35, 000 in two accounts, one yielding 6% interest and the other... (answered by lwsshak3)
Ms. Brown invested $22000 in two accounts, one yielding 5% interest and the... (answered by ikleyn)
Ms. Brown invested $29,000 in two accounts. One yielding 6% interetst and the other... (answered by gwendolyn)
Solve the following problem using two variables and a system of two equations. Solve the... (answered by ikleyn)
Ms. Brown invested $24,000 in two accounts, one yielding 5% interest (answered by addingup)