SOLUTION: An investment club wants to invest $60,000 in two simple interest accounts. One account earns 9.4% annual simple interest and the other account earns 10.9% annual simple interest.
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Question 87288: An investment club wants to invest $60,000 in two simple interest accounts. One account earns 9.4% annual simple interest and the other account earns 10.9% 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!
.094X=.109(60000-X)
.094X=6540-.109X
.094X+.109X=6540
.203X=6540
X=6540/.203
X=32216.75 INVESTED @ 9.4%
60000-32216.75=27783.25 INVESTED @ 10.9%
PROOF
.094*32216.75=.109*27783.25
3028.374=3028.374
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