SOLUTION: blake has a total of $1200 to invest into 2 accounts. one account earns 6% simple interest and the other earns 7% simple interest. how much should be invested into both accounts to
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Question 212894: blake has a total of $1200 to invest into 2 accounts. one account earns 6% simple interest and the other earns 7% simple interest. how much should be invested into both accounts to earn exactly $79 at the end of year 1?
? 6% account ? 7% account Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount invested in 6% account
Let = amount invested in 7% account
given:
(1)
(2)
Multiply both sides of (2) by
(1)
(2)
Multiply both sides of (1) by and
subtract (1) from (2)
(2)
(1)
And, since ,
$500 should be invested @ 6%
$700 should be invested @ 7%
