SOLUTION: Sheila invested $50,000 in two accounts last year. One account earned 6% and the other earned 7% annual interest. If the total income last year from these investments was $3350,
Algebra.Com
Question 289114: Sheila invested $50,000 in two accounts last year. One account earned 6% and the other earned 7% annual interest. If the total income last year from these investments was $3350, how much was invested in each account?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.07x+.06(50,000-x)=3,350
.07x+3,000-.06x=3,350
.01x=3,350-3,000=0
.01x=350
x=350/.01
x=35,000 ans. for the 7% investment.
50,000-35,000=15,000 ans. for the 6% investment.
Proof:
.07*35,000+.06*15,000=3,350
2,450+900=3,350
3,350=3,350
RELATED QUESTIONS
An investment adviser invested $14,000 in two accounts. One investment earned 6% annual... (answered by ikleyn)
An investment adviser invested $14,000 in two accounts. One investment earned 5% annual... (answered by ikleyn)
an investment adviser invested $14000 in two accounts. one investment earned 8% annual... (answered by checkley71)
Luis invested $6000 in two different accounts. One earned 4% and the other earned 7%. He... (answered by josmiceli,greenestamps)
Last year Tammy had $4,500 to invest in two savings accounts. One account earns 7% simple (answered by addingup,jorel555)
A sum of $2100 is invested in two accounts, one earning 7% simple annual interest and one (answered by math problem solving)
A man invests $12,000 in two accounts. One account pays 10% per year. The other account... (answered by mananth)
an invested 12000 i two accounts. one investment earned 7 % annual simple interest and... (answered by rfer)
an investment advisor invested 12000 into two accounts. one investment earned 7 % annual... (answered by checkley77)