SOLUTION: A total of $25,000 is invested in two funds paying 6% and 6.5% simple interest. The annual interest is $1555. How much is invested in each fund?

Question 906520: A total of $25,000 is invested in two funds paying 6% and 6.5% simple interest. The annual interest is $1555. How much is invested in each fund?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
Total amount of money invested: $25000
x+y=25000,
Total yearly interest for the two accounts is: $1555
0.06*x+0.065*y=1555
x=25000-y
Substitute for x
0.06*(25000-y)+0.065*y=1555
Multiply out
1500-0.06y+0.065*y=1555
Combine like terms.
0.005*y=55
Isolate y
y=$11000.00 at 6.5%
x=25000-y
Calculate x
x=$14000.00 at 6%
Check
0.06*14000+0.065*11000=1555
840+715.0=1555
1555.0=1555
If this statement is TRUE and neither amount is negative then all is well

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