SOLUTION: you invested 7000 in two accounts paying 2% and 3% annual interest.if the total interest earned for the year was 170 how much was invested at each rate

Question 433915: you invested 7000 in two accounts paying 2% and 3% annual interest.if the total
interest earned for the year was 170 how much was invested at each rate
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
you invested 7000 in two accounts paying 2% and 3% annual interest.if the total
interest earned for the year was 170 how much was invested at each rate
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Equations:
Quantity: x + y = 7000
Interest:0.02x+0.03y = 170
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Multiply 1st by 2
Multiply 2nd by 100
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2x + 2y = 2*7000
2x + 3y = 17000
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Subtract and solve for "Y";
y = $3000 (amt. invested at 2%)
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Solve for "x":
x+y = 7000
x+3000 = 7000
x = $4000 (amt. invested at 3%)
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Cheers,
Stan H.
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