SOLUTION: Problem Page Last year, Ryan had $20,000 to invest. He invested some of it in an account that paid 9% simple interest per year, and he invested the rest in an account that paid 10%

Algebra ->  Linear-equations -> SOLUTION: Problem Page Last year, Ryan had $20,000 to invest. He invested some of it in an account that paid 9% simple interest per year, and he invested the rest in an account that paid 10%      Log On


   

Question 1110833: Problem Page Last year, Ryan had $20,000 to invest. He invested some of it in an account that paid 9% simple interest per year, and he invested the rest in an account that paid 10% simple interest per year. After one year, he received a total of $1840 in interest. How much did he invest in each account?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi   

 Let x represent amount invested at 10%    

Principal•rate = Interest

.10x + .09($20,000-x) = $1840

 .01x = $1840 - $1800

 .01x = $40

x = $4000, amount at 10%, $16,000 at 9%  20000-4000+=+16000

CHECKING our answer***

.10•$4000 + .09•$16000= $400 + $1440 = $1840