SOLUTION: an investment club invested a part of $9000 in an 8.5% tax free annual simple interest account and the remainder in an 11% annual simple interest account. The amount of interest ea

Algebra ->  Problems-with-consecutive-odd-even-integers -> SOLUTION: an investment club invested a part of $9000 in an 8.5% tax free annual simple interest account and the remainder in an 11% annual simple interest account. The amount of interest ea      Log On


   

Question 847992: an investment club invested a part of $9000 in an 8.5% tax free annual simple interest account and the remainder in an 11% annual simple interest account. The amount of interest earned for one year was $840. How much was invested in the tax free account
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

How much +highlight_green%28x%29 was invested in the tax free account

Question states***

 .085x + .11(9000-x) = 840  

      990 - 840 = .025x

          150/.025 = x = $6000 invested in the tax free account

CHECKING our answer***

 .085*6000 + .11*3000 = $510 + $330 = $840

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