SOLUTION: A woman has a total of $10,000 to invest. She invests part of the money in an account that pays 6% per year and the rest in an account that pays 10% per year. If the interest earne
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Question 902512: A woman has a total of $10,000 to invest. She invests part of the money in an account that pays 6% per year and the rest in an account that pays 10% per year. If the interest earned in the first year is $760, how much did she invest in each account?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
We know the total amount of money invested. $10000
x+y=10000,
We know that the total interest for the year for the two accounts is $760
0.06*x+0.1*y=760
x=10000-y
We substitute for x
0.06*(10000-y)+0.1*y=760
We multiply out
600-0.06y+0.1*y=760
We combine like terms.
0.04*y=160
Isolate y
y=4000 at 10%
x=10000-y
Calculate x
x=6000 at 6%
We check
0.06*6000+0.1*4000=760
360+400=760
760=760
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