SOLUTION: Mr. Wilson invested money in two accounts. His total investment was $20,000. If one account pays 7% in interest and the other pays 3% in interest, how much does he have in each acc

Question 862522: Mr. Wilson invested money in two accounts. His total investment was $20,000. If one account pays 7% in interest and the other pays 3% in interest, how much does he have in each account if he earned a total of $1,240 in interest in 1 year?
He invested $______ in the 7% account and $______ in the 3% account.

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 3.00% per annum ------------ Amount invested = y
20000
Interest----- 1240.00

Part I 7.00% per annum ---x
Part II 3.00% per annum ---y
Total investment
x + 1 y= 20000 -------------1
Interest on both investments
7.00% x + 3.00% y= 1240
Multiply by 100
7 x + 3 y= 124000.00 --------2
Multiply (1) by -7
we get
-7 x -7 y= -140000.00
Add this to (2)
0 x -4 y= -16000
divide by -4
y = 4000
Part I 7.00% $ 16000
Part II 3.00% $ 4000

CHECK
16000 --------- 7.00% ------- 1120.00
4000 ------------- 3.00% ------- 120.00
Total -------------------- 1240.00

m.ananth@hotmail.ca

RELATED QUESTIONS
Mr. Wilson invested money in two accounts. His total investment was $20,000. If one... (answered by ewatrrr)

Mr. Wilson invested money in two accounts. His total investment was $20,000. If one... (answered by ewatrrr)

Mr. Wilson invested money in two accounts. His total investment was $40,000. If one... (answered by ikleyn)

Mr. Wilson invested money in two accounts. His total investment was $20,000. If one... (answered by fractalier)

Mr. Wilson invested money in two accounts. His total investment was $29,000. If one... (answered by greenestamps,ikleyn)

Mr. Wilson invested money in two accounts. His total investment was $30,000. If one... (answered by fractalier)

Mr. Wilson invested money in two accounts. His total investment was $20,000. If one... (answered by mananth)