SOLUTION: In one year, Andrew earned the same interest from an investment at 8% as an investment at 12%. He had invested $1500 in the 8% than in the 12% account. How much did he invest in ea

Question 56594: In one year, Andrew earned the same interest from an investment at 8% as an investment at 12%. He had invested $1500 in the 8% than in the 12% account. How much did he invest in each account?
Please help!
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
In one year, Andrew earned the same interest from an investment at 8% as an investment at 12%. He had invested $1500 more in the 8% than in the 12% account. How much did he invest in each account?
:
Let x = amt invested at 12%
Then (x+1500) amt invested at 8%
:
Since the interest amt from two investments are equal we can make an equation from that:
:
12% interest = 8% interest
.12x = .08(x+1500)
.12x = .08x + 120
.12x - .08x = 120
.04x = 120
x = 120/.04
x = $3000 invested at 12 %
:
Then 3000 + 1500 = $4500 invested at 8%
:
Check to see if the interests are, in fact, equal:
.08(4500) = .12(3000)
360 = 360

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