SOLUTION: Theodore invests a total of $39,000 in two accounts paying 12% and 7% annual interest, respectively. How much was invested in each account if, after one year, the total interest wa
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Question 1194829: Theodore invests a total of $39,000 in two accounts paying 12% and 7% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $3,730.00.
$
was invested at 12% and
$
was invested at 7%.
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Theodore invests a total of $39,000 in two accounts paying 12% and 7% annual interest, respectively.
let a = amt invested at 12%
the total invested is $39000, therefore:
(39000-a) = amt invested at 7%
:
How much was invested in each account if, after one year, the total interest was $3,730.00.
.12a + .07(39000-a) = 3730
.12a + 2730 - .07a = 3730
.12a - .07a = 3730 - 2730
.05a = 1000
a = 1000/.05
a = $20,000 invested at 12%
then obviously,
39000 - 20000 = $19,000 invested at 7%
:
:
Check this, find the actual interest on each account total
.12(20000) = 2400
.07(19000) = 1330
-------------------
total int: 3730
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