SOLUTION: A total of $9,500 is deposited into two simple interest accounts. On one account, the annual simple interest is 9%; on the second account, the annual simple interest rate is 12%. H

Question 1161658: A total of $9,500 is deposited into two simple interest accounts. On one account, the annual simple interest is 9%; on the second account, the annual simple interest rate is 12%. How much should be invested in the 12% account so that the total interest earned is $1,020?
Answer by ikleyn(52810) (Show Source): You can put this solution on YOUR website!
.


Let x = the amount deposited at 12%.

Then the amount deposited at 9% is the rest  (9500-x)  dollars.


The equation for the total interest is

    0.12x + 0.09*(9500-x) = 1020  dollars.


From the equation

    x =  = 5500.


ANSWER.  $5500 deposited at 12%.


CHECK.   0.12*5500 + 0.09*(9500-5500) = 1020  dollars.  ! Precisely correct !

Solved.

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It is a standard and typical problem on investments.

If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson
- Using systems of equations to solve problems on investment
in this site.

You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).

Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic "Systems of two linear equations in two unknowns".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

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