SOLUTION: How can $42,000 be invested, part 11% annual simple interest and the remainder at 6% annual simple interest, so that the interest earned by the two accounts will be equal?
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Question 179507: How can $42,000 be invested, part 11% annual simple interest and the remainder at 6% annual simple interest, so that the interest earned by the two accounts will be equal? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! How can $42,000 be invested, part 11% annual simple interest and the remainder
at 6% annual simple interest, so that the interest earned by the two accounts will be equal?
:
Let x = amt invested at 11%
then
(42000-x) = amt invested at 6%
:
11% interest = 6% interest
.11x = .06(42000-x)
.11x = 2520 - .06x
.11x + .06x = 2520
x =
x = $14,823.53 invested at 11%
then
42000 - 14823.53 = $27,176.47 invested at 6%
:
;
Check solution by finding the interest on both
.11 * 14823.53 = 1630.59
.06 * 27176.47 = 1630.59; confirms our solutions
