SOLUTION: Larry Mitchell invested part of his $27,000 advance at 7% annual simple interest and the rest at 4% annual simple interest. If his total yearly interest from both accounts was $111
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Question 1046551: Larry Mitchell invested part of his $27,000 advance at 7% annual simple interest and the rest at 4% annual simple interest. If his total yearly interest from both accounts was $1110 find the amount invested at each rate
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
A person has 
currency units invested in 2 accounts.
One account earns 
percent interest, and the other account earns 
percent interest.
The two accounts earn a total of 
interest in one year.
How much is invested in each account?
Let 
be the amount invested at percent. Then the amount invested at percent is 
, and:
\ =\ I)
Solve for , then calculate
John
My calculator said it, I believe it, that settles it
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