SOLUTION: Harry has $4000 invested in 2 savings accounts. One account earns 6% interest per year, and the other pays 7% per year. If his total interest for the year is $264, how much is inve
Algebra.Com
Question 40881: Harry has $4000 invested in 2 savings accounts. One account earns 6% interest per year, and the other pays 7% per year. If his total interest for the year is $264, how much is invested at 7%? (The answer is not $264 or $1600)
Thank you
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
.06X+.07(4000-X)=264 OR .06X+280-.07X=264 OR -.01X=-16 OR X=1600 INVESTED @ 6%
THUS 4000-1600=2400 INVESTED @ 7%.
PROOF .06*1600+.07*2400=264 OR 96+168=264 OR 264=264
RELATED QUESTIONS
Harry has $4000 invested in 2 savings accounts. One account earns 6% interest per year,... (answered by 1guru)
Harry has $4000 invested in two savings accounts. One account earns 6% interest per year, (answered by Fombitz)
Travis has a total of 6,000 invested in two accounts. The total amount of interest he... (answered by richwmiller)
A man invests $12,000 in two accounts. One account pays 10% per year. The other account... (answered by mananth)
A man invests his savings in 2 accounts, one paying 6% per year
and the other 7%. He has (answered by partha_ban)
I really need help. I do not understand how to solve this at all:
A man invests his... (answered by ReadingBoosters)
A man invests his savings in two accounts, one paying 6% interest per year and the other... (answered by ptfile)
Suppose $5,000 is divided into two bank accounts. One account pays 5% simple interest per (answered by stanbon)
A total of $15,000 is invested in two accounts. One of the two accounts pays 8% per year, (answered by ankor@dixie-net.com)