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Question 509209: Herschall has $18,000 to invest. He invest 2/3 in one account and the rest in a second account. The first returned 2% more than the second account. The total return on his investment was $1050. What were the percentage rates of the two accounts.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Herschall has $18,000 to invest. He invest 2/3 in one account and the rest in a second account.
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(2/3)18000 = 12,000
(1/3)18000 = 6,000
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The first returned 2% more than the second account. The total return on his investment was $1050. What were the percentage rates of the two accounts.
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Equation:
interest + interest = 1050
12000x + 6000(x+0.02) = 1050
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12000x + 6000x + 120 = 1050
18000x + 120 = 1050
18000x = 930
x = 0.0517 = 5.17% (rate on the 12000)
x+0.02 = 7.17% (rate on the 6000)
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Cheers,
Stan H.
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