SOLUTION: An investment club wants to invest $17,000 in two simple interest accounts. One account earns 6.5% annual simple interest and the other account earns 8.3% annual simple interest. H
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Question 85990: An investment club wants to invest $17,000 in two simple interest accounts. One account earns 6.5% annual simple interest and the other account earns 8.3% annual simple interest. How much should be invested in each account so that both accounts earn the same annual interest?
Answer by checkley75(3666) (Show Source): You can put this solution on YOUR website!
.083X=.065(17000-X)
.083X=1105-.065X
.083X+.065X=1105
.148X=1105
X=1105/.148
X=7466.22 AMOUNT TO BE INVESTED @ 8.3%
17000-7466.22=9533.78 INVESTED @ 6.5%
PROOF
.083*7466.22=.065*9533.78
619.70=619.70
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