SOLUTION: A total of P600 000 is deposited into two simple interest accounts. On one account the annual simple interest rate is 8%, while on the second account the annual simple interest rat

Algebra ->  Algebra  -> Customizable Word Problem Solvers  -> Finance -> SOLUTION: A total of P600 000 is deposited into two simple interest accounts. On one account the annual simple interest rate is 8%, while on the second account the annual simple interest rat      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com
Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations!
Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

   

Question 169878: A total of P600 000 is deposited into two simple interest accounts. On one account the annual simple interest rate is 8%, while on the second account the annual simple interest rate is 12%. How much should be invested in each account so that the total annual interest earned is P52 000?
please give me the table of your solution.
Answer by jojo14344(1512) About Me  (Show Source):
You can put this solution on YOUR website!
Let x= amount inv. @ 12%
So, 600000-x=amount inv. @ 8%
It follows:
0.12x%2B0.08%28600000-x%29=52000, EQN 1
0.12x%2B48000-0.08x=52000
0.04x=52000-48000=4000
cross%280.04%29x%2Fcross%280.04%29=cross%284000%29100000%2Fcross%280.04%29
x=100,000 ---------> amount inv. @ 12%
.
600000-100000=500,000 -------> amount inv.@8%
Let's check using Simple Annual Interest:
I=Prt
I%5B8%5D=500000%2A.08%2A1=40,000
I%5B12%5D=100000%2A.12%2A1=12,000
Therefore,I%5B8%5D%2BI%5B12%5D=I
40000%2B12000=52000
52000=52000
Thank you,
Jojo