SOLUTION: a total of $8000 is invested into two simple interest accounts. On one account the annual simple interest rate is 9%; on the second account the annual simple interest rate is 7% Ho
Algebra.Com
Question 311642: a total of $8000 is invested into two simple interest accounts. On one account the annual simple interest rate is 9%; on the second account the annual simple interest rate is 7% How much should be invested in the 7% account so that the total interest earned is 8.5% of the total investment?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
a total of $8000 is invested into two simple interest accounts. On one account the annual simple interest rate is 9%; on the second account the annual simple interest rate is 7% How much should be invested in the 7% account so that the total interest earned is 8.5% of the total investment?
.
Let $x be the investment in 7% account
8000-x will be invested in 9%
Total invested = $ 8000
you should get 8.5%
..
0.07x +0.09(8000-x)=8000*0.085
0.07x+720-0.09x=680
-0.02x=680-720
x=-40/-0.02
x= $2000
RELATED QUESTIONS
A total of $9,500 is deposited into two simple interest accounts. On one account, the... (answered by ikleyn)
A college sports foundation deposited a total of $24,000 into two simple interest... (answered by mananth)
Mae Jackson has a total of $6000 invested in two simple interest accounts. The annual... (answered by checkley77)
I have a total of $6000 invested in two simple interest accounts. The annual simple... (answered by drk)
Mae Jackson has a total of $6000 invested in two simple interest accounts. The annual... (answered by jorel1380)
A total of P600 000 is deposited into two simple interest accounts. On one account the... (answered by jojo14344)
A total of $9500 is deposited into two simple interest accounts. On one account the... (answered by stanbon)
A total of $6600 is deposited into two simple interest accounts. On one account the... (answered by lwsshak3)
A total of $7900 is deposited into two simple interest accounts. On one account the... (answered by stanbon)