SOLUTION: Josee invests a total of $15 000.00 in two different investments. The first amount is put into a long-term account that pays interest at a rate of 6.5% per year. The second amount

Question 746164: Josee invests a total of $15 000.00 in two different investments. The first amount is put into a long-term account that pays interest at a rate of 6.5% per year. The second amount is put into a short-term account earning interest at a rate of 5% per year. Josee's investments earn a total of $885 in interest in one year. How much money did Josee put into each investment?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Part I 6.50% per annum ---x
Part II 5.00% per annum ---y
Total investment
x + 1 y= 15000 -------------1
Interest on both investments
6.50% x + 5.00% y= 885
Multiply by 100
6.5 x + 5 y= 88500.00 --------2
Multiply (1) by -6.5
we get
-6.5 x -6.5 y= -97500.00
Add this to (2)
0 x -1.5 y= -9000
divide by -1.5
y = 6000
Part I 6.50% $ 9000
Part II 5.00% $ 6000

CHECK
9000 --------- 6.50% ------- 585.00
6000 ------------- 5.00% ------- 300.00
Total -------------------- 885.00

m.ananth@hotmail.ca

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