SOLUTION: Mr. and Mrs. McAdams invest a total of $8000 in two savings accounts. One account gives 10% simple interest and the other 8% simple interest. Find the amount placed in each accoun
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Question 316246: Mr. and Mrs. McAdams invest a total of $8000 in two savings accounts. One account gives 10% simple interest and the other 8% simple interest. Find the amount placed in each account if they receive a total of $750 in interest after 1 year. Answer by karimagi(1) (Show Source):
You can put this solution on YOUR website! x + y = 8000
.1x + .08y = 750
y = 8000 - x
.1x + .08(8000 - x) = 750
.1x + 640 - .08x = 750
.02x = 750 - 640 = 110
x = 110 / 0.02 = 5500
y = 8000 - 5500 = 2500
The two amounts are $5500 and $2500.
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