SOLUTION: A person wants to invest $7500. He decided to invest the part of money in Bank A at 6% annual interest and the rest in Bank B at 9% annual intereest. For tax reason, he o

Question 231905:

A person wants to invest $7500. He decided to invest the part of money in Bank A at 6%
annual interest and the rest in Bank B at 9% annual intereest. For tax reason,
he only wants to earn $465 for year.
How much should he invest in each account?
PLZ give me answer in 8 hours. i've to submit my assignment.
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.09X+.06(7,500-X)=465
.09X+450-.06X=465
.03X=465-450
.03X=15
X=15/.03
X=500 INVESTED @ 9%
7,500-500=7,000 INVESTED @ 6%
PROOF:
.09*500+.06*7,000=465
45+420=465
465=465
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