SOLUTION: a dentist invested a portion of $15,000 in a 7% annual simple interest account and the remainder in a 6.5% annual simple interest goverment bond. the two investments earn $1020 in

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Question 17958: a dentist invested a portion of $15,000 in a 7% annual simple interest account and the remainder in a 6.5% annual simple interest goverment bond. the two investments earn $1020 in interest annually. how much was invested in each account.
Answer by Earlsdon(6294) About Me  (Show Source):
You can put this solution on YOUR website!
Let x = the amount invested at 7% (= 0.07) and ($15,000 - x) the amount invested at 6.5% (= 0.065). Change the percents to decimals and then set up your equation. Solve for x:
%280.07%29x+%2B+%280.065%29%2815000-x%29+=+1020 Simplify and solve for x.
0.07x+%2B+975+-+0.065x+=+1020 Subtract 975 from both sides.
0.005x++=+45 Divide both sides by 0.005
x+=+9000
The amount invested ay 7% is $9,000
The amount invested at 6.5% is ($15,000 - $9,000) = $6,000
Check:
%280.07%29%289000%29+%2B+%280.065%29%286000%29+=+630+%2B+390+=+1020