SOLUTION: Mr. Jarvis invests a total of $12,644 in two savings accounts. One account yields 8.5% simple interest and the other 10% simple interest. He would like to find the amount placed in
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Question 1003670: Mr. Jarvis invests a total of $12,644 in two savings accounts. One account yields 8.5% simple interest and the other 10% simple interest. He would like to find the amount placed in each account if a total of $1139.38 in interest is received after one year.
What system of linear equations represent this equation?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Mr. Jarvis invests a total of $12,644 in two savings accounts. One account yields 8.5% simple interest and the other 10% simple interest. He would like to find the amount placed in each account if a total of $1139.38 in interest is received after one year.
What system of linear equations represent this equation?
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Quantity:: a + b = 12644 dollars
Interest::0.085a + 0.10b = 1139.38
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Modify for elimination::
100a + 100b = 1264400
85a + 100b = 1139380
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Subtract and solve for "a":
15a = 124420
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a = $8294.67 (amt. invested at 8.5%
b = $4349.33 (amt. invested at 10%
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Cheers,
Stan H.
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