SOLUTION: How can $54,000 be invested, part at 8% annual simple interest and the remainder at 10% annual simple interest, so that the interest earned by the two accounts is equal?
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-> SOLUTION: How can $54,000 be invested, part at 8% annual simple interest and the remainder at 10% annual simple interest, so that the interest earned by the two accounts is equal?
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Question 340401: How can $54,000 be invested, part at 8% annual simple interest and the remainder at 10% annual simple interest, so that the interest earned by the two accounts is equal? Answer by solver91311(24713) (Show Source):
Let represent the amount (in 1000s) invested at 8% and then must represent the amount invested at 10%. That means the amount earned at 8% must be and the amount earned at 10% must be
Solve for to find the amount to invest at 8%, and the balance would be invested at 10%. Remember that your answer is going to be in terms of 1000s of dollars.
John
My calculator said it, I believe it, that settles it
