SOLUTION: you invested $24000 in two accounts paying 5% and 9% annual interest, respectively. if the total interest earned for the year was $1400, how much was invested at each rate?

Question 782643: you invested $24000 in two accounts paying 5% and 9% annual interest, respectively. if the total interest earned for the year was $1400, how much was invested at each rate?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Part I 5.00% per annum ------------- Amount invested =x
Part II 9.00% per annum ------------ Amount invested = y
24000
Interest----- 1400.00

Part I 5.00% per annum ---x
Part II 9.00% per annum ---y
Total investment
x + 1 y= 24000 -------------1
Interest on both investments
5.00% x + 9.00% y= 1400
Multiply by 100
5 x + 9 y= 140000.00 --------2
Multiply (1) by -5
we get
-5 x -5 y= -120000.00
Add this to (2)
0 x 4 y= 20000
divide by 4
y = 5000 - x)
Part I 5.00% $ 19000
Part II 9.00% $ 5000

CHECK
19000 --------- 5.00% ------- 950.00
5000 ------------- 9.00% ------- 450.00
Total -------------------- 1400.00

m.ananth@hotmail.ca

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