SOLUTION: You have just invested 100,000 from your Great Aunt. Rather than spend the money you are going to invest the money and use the annual interest to pay for private schooling. The ann

Question 1157415: You have just invested 100,000 from your Great Aunt. Rather than spend the money you are going to invest the money and use the annual interest to pay for private schooling. The annual tuition is $5150. You have decided to invest the money in two different accounts one paying 7% the other paying 4%/ How much should you invest in each account to earn as close to $5150 as possible
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
7% account=x
4% account=100,000-x
interest earned is .07x + .04(100,000-x)=.07x+4000-0.04x=0.03+4000
That is to equal $5150
therefore, 0.03x=$1150
x=$38,333 which at 7% yields $2683.33
100000-x=61,666.67 which at 4% yields $2466.67
Those add to $5150
$2683.33 at 7%
$2466.67 at 4%

RELATED QUESTIONS
tina invested 100 000 more than her husband did.if they both invested the money at 5... (answered by mananth)

On your birthday your great aunt gave you $17,000 . You would like to invest at least... (answered by Theo)

You have invested some money and made a profit of $55. Your profit was 11% of you... (answered by solver91311)

YOU ARE PLANNING TO SPEND NO LESS THAN $6000. AND NO MORE THAN $10000. ON YOUR... (answered by solver91311)

1. You are planning to spend no less than $6,000 and no more than $10,000 on your... (answered by rfer)

You are planning to spend no less than $7,000 and no more than $12,500 on your... (answered by rfer)

1. You are planning to spend no less than $6,000 and no more than $10,000 on your... (answered by jessica43)

you are planning to spend no less than $6,000 and no more than $10,000 on your landscape... (answered by solver91311)

You are planning to spend no less than $6,000 and no more than $10,000 on your... (answered by rfer)