SOLUTION: You invested $7000 in two accounts paying 6% and 8% annual interest. If the total interest earned for the year was $520, how much was invested at each rate?
I know the answers a
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Question 704858: You invested $7000 in two accounts paying 6% and 8% annual interest. If the total interest earned for the year was $520, how much was invested at each rate?
I know the answers are $2000 and $5000 respectively, but I don't know how they got those answers. I don't know where to start for the equation.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Let 
represent the amount invested in the 8% account. Then the amount invested in the 6% account has to be 
. The amount of interest earned on the 8% account is then 
and the amount earned on the 6% account is )
. Finally, the sum of these two amounts has to be $520, so:
\ =\ 520)
Solve for then calculate
John
Egw to Beta kai to Sigma
My calculator said it, I believe it, that settles it
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