SOLUTION: an investment club invested a part of $9000 in an 8.5% tax free annual simple interest account and the remainder in an 11% annual simple interest account. The amount of interest ea

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Question 847992: an investment club invested a part of $9000 in an 8.5% tax free annual simple interest account and the remainder in an 11% annual simple interest account. The amount of interest earned for one year was $840. How much was invested in the tax free account
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 
Hi,
How much was invested in the tax free account
Question states***
.085x + .11(9000-x) = 840
990 - 840 = .025x
150/.025 = x = $6000 invested in the tax free account
CHECKING our answer***
.085*6000 + .11*3000 = $510 + $330 = $840
Wish You the Best in your Studies.

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