document.write( "Question 1206863: You invested $24 comma 00024,000 in two accounts paying 5 %5% and 7 %7% annual interest, respectively. If the total interest earned for the year was $1400, how much was invested at each rate? \n" ); document.write( "

Algebra.Com's Answer #844554 by ikleyn(52778) $\"\"$ $\"About$

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\n" ); document.write( "You invested $24 comma 00024,000 in two accounts paying 5 %5% and 7 %7% annual interest, respectively.
\n" ); document.write( "If the total interest earned for the year was $1400, how much was invested at each rate?
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document.write( "Let x dollars be the amount invested at 7%.\r\n" );
document.write( "then the amount invested at 5% is (24000-x) dollars.\r\n" );
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document.write( "Write equation for the total annual interest\r\n" );
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document.write( "    0.07x + 0.05*(24000-x) = 1400  dollars.\r\n" );
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document.write( "Simplify and find x\r\n" );
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document.write( "    0.07x + 0.05*24000 - 0.05x = 1400\r\n" );
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document.write( "    0.07x - 0.05x = 1400 - 0.05*24000\r\n" );
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document.write( "        0.02x     =     200\r\n" );
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document.write( "            x     =     200/0.02 = 20000/2 = 10000.\r\n" );
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document.write( "ANSWER.  $10000 invested at 7%, the rest, or 24000-10000 = 14000 dollars invested at 5%.\r\n" );
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document.write( "CHECK.   0.07*10000 + 0.05*14000 = 1400 dollars, the combined annual interest.   ! correct !\r\n" );
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