document.write( "Question 1172087: Mr. Wilson invested money in two accounts. His total investment was $40,000. If one account pays 8% in interest and the other pays 2% in interest, how much does he have in each account if he earned a total of $1,760 in interest in 1 year?
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Algebra.Com's Answer #797001 by ikleyn(52781) $\"\"$ $\"About$

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document.write( "Let x = how much was invested at 8%.\r\n" );
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document.write( "Then 40000-x was invested at 2%.\r\n" );
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document.write( "The total interest equation is\r\n" );
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document.write( "    0.08x + 0.02(40000-x) = 1760  dollars.\r\n" );
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document.write( "From the equation\r\n" );
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document.write( "    x =  = 16000.      \r\n" );
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document.write( "ANSWER.  $16000 invested at 8% and the rest, 40000-16000 = 24000  dollars invested at 2%.\r\n" );
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document.write( "CHECK.   0.08*16000 + 0.02*24000 = 1760  dollars, total annual interest.     ! Precisely correct !\r\n" );
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\n" ); document.write( "\n" ); document.write( "It is a standard and typical problem on investments.\r
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\n" ); document.write( "\n" ); document.write( "If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson \r
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\n" ); document.write( "\n" ); document.write( "You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
\n" ); document.write( "different methods of solution to the equations (Substitution, Elimination).\r
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\n" ); document.write( "\n" ); document.write( "Also, you have this free of charge online textbook in ALGEBRA-I in this site\r
\n" ); document.write( "\n" ); document.write( " - ALGEBRA-I - YOUR ONLINE TEXTBOOK.\r
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\n" ); document.write( "\n" ); document.write( "The referred lesson is the part of this online textbook under the topic \"Systems of two linear equations in two unknowns\".\r
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\n" ); document.write( "\n" ); document.write( "Save the link to this online textbook together with its description\r
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\n" ); document.write( "\n" ); document.write( "Free of charge online textbook in ALGEBRA-I
\n" ); document.write( "https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson\r
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\n" ); document.write( "\n" ); document.write( "to your archive and use it when it is needed.\r
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