SOLUTION: I have $16,000 to invest. I put part of it an account paying 6% simple interest and the rest in an account paying 7% simple interest. If my annual income is $1,080 how much do I ha

Question 47622: I have $16,000 to invest. I put part of it an account paying 6% simple interest and the rest in an account paying 7% simple interest. If my annual income is $1,080 how much do I have invested in each account?
16,000(.06)+ 16,000(.07)= 1080
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
YOUR EQUATION SAYS YOU PUT ALL 16,000 @ 6% & ALL 16,000 & 7%. HOWEVER THE PROBLEM ASKS WHAT PART (X)& (16,000-X) ARE INVESTED THUS THE EQUATION SHOULD BE
.06X+.07(16,000-X)=1,080 OR .06X+1120-.07X=1080 OR -.01X=-40 OR X=40/.01 OR
X=4000 INVESTED @ 6% & 16,000-4000=12,000 INVESTED @7%
PROOF 4,000*.06+12,000*.07=1080 OR 240+840=1080 OR 1080=1080
RELATED QUESTIONS
Jaya has $16,000 to invest. She invests part of it in an account paying 6% simple... (answered by Maths68)

I have to solve by using system of equations but I keep checking it and I keep getting it (answered by josgarithmetic)

Omar invested $5000 in two accounts. He put $2200 in an account paying 4% simple interest (answered by Vijayag)

Juan invests $250,000 in two accounts. Juan would like to earn $7700 a year to pay some... (answered by stanbon)

Kevin had $10,000 he wanted to invest.He decided to put some of the money in an account... (answered by mananth)

Heather has a total of $5000 to invest. She puts part of it in an account paying 5%/year (answered by greenestamps)

kristen has a total of $1000 to invest. she put parts of it in an account paying 4%... (answered by Fombitz,josmiceli)

Bradley has $25,000 that he wants to invest. He invests it in accounts paying 12%, 7%,... (answered by ewatrrr)

Last year, Ivanna had $10,000 to invest. She invested some of it in an account that paid... (answered by josgarithmetic)