SOLUTION: You invested $29,000 in two accounts paying 6% and 8% annual interest, respectively. If the total interest earned for the year was $ 2300,how much was invested at each rat
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Question 1165278: You invested $29,000 in two accounts paying 6% and 8% annual interest, respectively. If the total interest earned for the year was $ 2300,how much was invested at each rate?
Answer by Seutip(231) (Show Source): You can put this solution on YOUR website!
Let x be the amount invested at 6%
y be the amount invested at 8%
Equations:
x+y=29,000
0.06x+0.08y=2300
So, x=29,000-y the substitue
0.06(29,000-y)+0.08y=2300
1740-0.06y+0.08y=2300
0.02y=560
y=28,000
x=1,000
You invested $1000 in 6% and $28000 in 8%
Hope that helps!
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