SOLUTION: 22. A trust administrator divided $20,000 between two accounts. One account earns an annual simple interest rate of 3%, and the second account earns an annual simple interest rate
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Question 71713This question is from textbook Algebra: Introductory and Intermediate
: 22. A trust administrator divided $20,000 between two accounts. One account earns an annual simple interest rate of 3%, and the second account earns an annual simple interest rate of 7%. The total annual income from the two accounts is $1200. How much is invested in each account?
This question is from textbook Algebra: Introductory and Intermediate
Answer by checkley75(3666) (Show Source): You can put this solution on YOUR website!
.07X+.03(20000-X)=1200
.07X+600-.03X=1200
.04X=1200-600
.04X=600
X=600/.04
X=15000 ANSWER FOR THE AMOUNT INVESTED @ 7%
20000-15000=5000 ANSWER FOR THE AMOUNT INVESTED @ 3%
PROOF
.07*15000+.03*5000=1200
1050+150=1200
1200=1200
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