SOLUTION: A person plans to invest a total of $5500 in one bank account at 3.4% annual interest and another bank account at 15% annual interest. How much should he invest in each account so

Algebra ->  Equations -> SOLUTION: A person plans to invest a total of $5500 in one bank account at 3.4% annual interest and another bank account at 15% annual interest. How much should he invest in each account so       Log On


   

Question 1193146: A person plans to invest a total of $5500 in one bank account at 3.4% annual interest and another bank account at 15% annual interest. How much should he invest in each account so that the total interest in one year will be ​$477?
Answer by greenestamps(13198) About Me  (Show Source):
You can put this solution on YOUR website!


Let x be the amount invested at 3.4% interest
Then 5500-x is the amount invested at 15% interest

The total interest is to be $477:

.034%28x%29%2B.15%285500-x%29=477
.034x%2B8250-.15x=477
8250-477=%28.15-.034%29x

Finish using basic algebra and a calculator....