SOLUTION: Chad invests a total of $24,000 in two accounts. The first account earned a rate of return of 12% (after a year). However, the second account suffered a 3% loss in the same time pe

Question 1020847: Chad invests a total of $24,000 in two accounts. The first account earned a rate of return of 12% (after a year). However, the second account suffered a 3% loss in the same time period. At the end of one year, the total amount of money gained was $1,830.00. How much was invested into each account?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Chad invests a total of $24,000 in two accounts. The first account earned a rate of return of 12% (after a year). However, the second account suffered a 3% loss in the same time period. At the end of one year, the total amount of money gained was $1,830.00. How much was invested into each account?
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Quantity:: w + t = 24000
Interest:: 12w - 3t = 183000
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Modify for elimination::
3w + 3t = 72000
12w- 3t = 183000
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15w = 255000
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w = $17000 (amt. invested at 12%)
t = 24000-17000 = $7000 (amt. invested at 3%)
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Cheers,
Stan H.
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