SOLUTION: You invested $7000 in two accounts paying 7% and 8% annual interest, respectively. If the total interest earned for the year was $537, how much was invested at each rate?

Question 831288: You invested $7000 in two accounts paying 7% and 8% annual interest, respectively. If the total interest earned for the year was $537, how much was invested at each rate?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Part I 7.00% per annum ------------- Amount invested =x
Part II 8.00% per annum ------------ Amount invested = y
7000
Interest----- 537.00

Part I 7.00% per annum ---x
Part II 8.00% per annum ---y
Total investment
x + 1 y= 7000 -------------1
Interest on both investments
7.00% x + 8.00% y= 537
Multiply by 100
7 x + 8 y= 53700.00 --------2
Multiply (1) by -7
we get
-7 x -7 y= -49000.00
Add this to (2)
0 x 1 y= 4700
divide by 1
y = 4700
Part I 7.00% $ 2300
Part II 8.00% $ 4700

CHECK
2300 --------- 7.00% ------- 161.00
4700 ------------- 8.00% ------- 376.00
Total -------------------- 537.00

m.ananth@hotmail.ca

RELATED QUESTIONS
You invested $7000 in two accounts paying 7% and 8% annual interest, respectively. If the (answered by Algebraic)

You invested $7000 in two accounts paying 8% and 6% annual interest, respectively. If the (answered by jorel1380)

You invested $7000 in two accounts paying 8% and 7% annual interest, respectively. If the (answered by mananth)

you invested $7000 in two accounts paying 6% and 8% annual interest. If the total... (answered by rfer)

You invested $7000 in two accounts paying 7% and 6% annual interest, respectively. If... (answered by mananth)

You invested $7000 in two accounts paying 6% and 7% annual interest, respectively. If the (answered by rothauserc)

you invested 7000 in two accounts paying 2% and 3% annual interest.if the total... (answered by stanbon)

You invested $7000 in two accounts paying 7% and 6% annual interest, respectively. If the (answered by richwmiller)

You invested $18,000 in two accounts paying 5% and 7% annual interest, respectively. If... (answered by stanbon)