SOLUTION: A person plans to invest a total of $ 4500 in one bank account at 6.3 % annual interest and another bank account at 17 % annual interest. How much should he invest in each account

Question 1159358: A person plans to invest a total of $ 4500 in one bank account at 6.3 % annual interest and another bank account at 17 % annual interest. How much should he invest in each account so that the total interest in one year will be $ 337?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
x Amount @6.3% $ 0.06
y Amount @ 17 % $ 0.17

1.00 x + 1.00 y = 4500.00

0.06 x + 0.17 y = 337.00 .............2
Eliminate y
multiply (1)by -0.17
Multiply (2) by 1.00
-0.17 x -0.17 y = -765.00
0.06 x 0.17 y = 337.00
Add the two equations
-0.11 x = -428.00
/ -0.11
x = 4000.00
plug value of x in (1)
1.00 x + 1.00 y = 4500.00
4000.00 + 1.00 y = 4500.00
1.00 y = 500.00
y = 500.00
Ans x = 4000.00
y = 500.00
$4000.00 Amount @6.3%
$500.00 Amount @ 17 %

RELATED QUESTIONS
A person plans to invest a total of $5500 in one bank account at 3.4% annual interest and (answered by greenestamps)

A person plans to invest a total of $ 5500 in one bank account at 6.8 % annual interest... (answered by solver91311)

a person plans to invest twice as much money in a LaSalle bank cd account at 2.5% annual... (answered by josgarithmetic)

A person plans to invest $4500. He will invest in both a small growth account at 4.2%... (answered by Alan3354)

A person plans to invest three times as much in an account at 7% interest as in an... (answered by mananth)

A person wants to invest $7500. He decided to invest the part of money in Bank A at (answered by checkley77)

a person plans to invest four times as much in an account at 6% interest as in an account (answered by LearnWithMajor)

Preston received a paycheck for $900.00 and he wants to invest it in a savings account. A (answered by josmiceli)

Please help: A person plans to invest three times as much in an account at 3% interest... (answered by ankor@dixie-net.com)