SOLUTION: Brenda deposited some money at 6% simple interest in a certificate of deposit. She invested $1500 less than this amount in a mutual fund account bearing simple interest at 11%. If

Question 1169223: Brenda deposited some money at 6% simple interest in a certificate of deposit. She invested $1500 less than this amount in a mutual fund account bearing simple interest at 11%. If Brenda's total interest income was $1195 for the year, how much did she invest in each account?
Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.


x      invested at 11%

x+1500 invested at  6% 


The total interest equation

    0.11x + 0.06*(x+1500) = 1195.


From the equation

    x =  = 6500.


ANSWER.  $6500 invested at 11%, and  $6500 + $1500 = $8000 invested at 6%.


CHECK.  0.11*6500 + 0.06*8000 = 1195 dolllars.   ! 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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