SOLUTION: the jones family invests $11000 in two different money market accounts. one account pays 7% interest, and the other pays 8.5%. by the end of year the Jones family receives $860 in
Algebra.Com
Question 867964: the jones family invests $11000 in two different money market accounts. one account pays 7% interest, and the other pays 8.5%. by the end of year the Jones family receives $860 in interest. How much did they invest in each account?
Answer by mananth(16949) (Show Source): You can put this solution on YOUR website!
Part I 7.00% per annum ------------- Amount invested =x
Part II 8.50% per annum ------------ Amount invested = y
11000
Interest----- 860.00
Part I 7.00% per annum ---x
Part II 8.50% per annum ---y
Total investment
x + 1 y= 11000 -------------1
Interest on both investments
7.00% x + 8.50% y= 860
Multiply by 100
7 x + 8.5 y= 86000.00 --------2
Multiply (1) by -7
we get
-7 x -7 y= -77000.00
Add this to (2)
0 x 1.5 y= 9000
divide by 1.5
y = 6000
Part I 7.00% $ 5000
Part II 8.50% $ 6000
CHECK
5000 --------- 7.00% ------- 350.00
6000 ------------- 8.50% ------- 510.00
Total -------------------- 860.00
m.ananth@hotmail.ca
RELATED QUESTIONS
Investing: Ms. Jones invested $18,000 in two accounts. One account pays 6% simple... (answered by jenrobrody)
Ms. Jones invested $18,000 in two accounts. One account pays 6% simple interest and the... (answered by checkley77)
Linda smaoke invests a total of $10,000 in two saving accounts. One account pays 7%... (answered by josgarithmetic,greenestamps)
A man invests $12,000 in two accounts. One account pays 10% per year. The other account... (answered by mananth)
Mary Poppins invests a total of $13,500 in two savings accounts. One pays 2% annual... (answered by jojo14344)
If an investor invests a total of $25,000 into two bonds, one that pays 3% simple... (answered by Boreal)
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)
ms. Jones invested 18,000 in two accounts. One account pays 6 % simple interest and the... (answered by stanbon)
Mr. Wilson invested money in two accounts. His total investment was $30,000. If one... (answered by mananth)