SOLUTION: You inherit $13,000 and you decide to invest the money in two different investments: one paying 10% and the other paying 14%. A year later your investments are worth $14,580. How m

Question 493168: You inherit $13,000 and you decide to invest the money in two different investments: one paying 10% and the other paying 14%. A year later your investments are worth $14,580. How much did you originally invest in each account?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
You inherit $13,000 and you decide to invest the money in two different investments: one paying 10% and the other paying 14%. A year later your investments are worth $14,580. How much did you originally invest in each account?
---------------------
Equations:
Quantity: x + y = 13000
Interest:0.10x + 0.14y = 1580
------------------------------------
Multiply thru the Quantity Equation by 10
Multiply thru the Interest Equation by 100
--------
10x + 10y = 130000
10x + 14y = 158000
----------------------------
Subtract and solve for "y":
4y = 28000
y = $7,000.00 (amt invested at 14%)
---
Solve for "x":
x = 13000-7000 = $6,000.00 (amt. invested at 10%)
==================================================
Cheers,
Stan H.
===============
RELATED QUESTIONS
You inherit $13,000 and decide to invest the money in two different investments, one... (answered by ankor@dixie-net.com)

You inherit $13000 and you decide to invest the money in two different ways : one paying... (answered by nerdybill)

you inherit $13000.00 and decide to invest the money in two different investments; one... (answered by checkley77)

you inherit $70,000 and plan to invest the money in two stocks paying 4% and 10% annual... (answered by mananth)

You inherit $100,000 and will invest the money in two stocks paying 6% and 11% annual... (answered by ewatrrr)

Hello. Inheriting money: Paul split an inheritance between two investments, one paying (answered by stanbon)

You have just invested 100,000 from your Great Aunt. Rather than spend the money you are... (answered by Boreal)

You receive $5ooo. You decide to invest the money in a one-year bond paying 2% interest... (answered by stanbon)