SOLUTION: mr wilson invested money in two accounts. his total investment was $20,000. if one account pays 6% in interest and then the other pays 8% in interest, how much does he have in each

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: mr wilson invested money in two accounts. his total investment was $20,000. if one account pays 6% in interest and then the other pays 8% in interest, how much does he have in each      Log On


   

Question 853047: mr wilson invested money in two accounts. his total investment was $20,000. if one account pays 6% in interest and then the other pays 8% in interest, how much does he have in each account if he earned a total of $1,380 in interest in one year?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

Let x represent amount at 8%

 .08x +  .06(20,000 - x) = $1380

        .02x = 180

           x = 180/.02  

           x = $9000,amount at 8%,  $11,000 at 6% 

CHECKING our answer*** 

$720 + $660 = $1380

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