SOLUTION: You invested $7000 in two accounts paying 6% interest and 8% annual interest. If the total earned for the year was $520, how much was invested at each rate? What I need hel

Question 392140: You invested $7000 in two accounts paying 6% interest and 8% annual interest. If the total earned for the year was $520, how much was invested at each rate?

What I need help with is how to set the problem up, by a system of linear equations.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
You invested $7000 in two accounts paying 6% interest and 8% annual interest. If the total earned for the year was $520, how much was invested at each rate?

$x at 6%
$7000-x @ 8%
Interest earned = $520
...
Interest equation
6x + 8(7000-x) = 520 * 100
6x+56000-8x=52,000
-2x=52,000-56,000
-2x=-4000
/-2
x= 2000
$ 2000 @ 6%
Balance $5000 @ 8%
...
CHECK
2000*0.06 + 5000*0.08 = $520
...
m.ananth@hotmail.ca
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