SOLUTION: How can $54000 be invested, part at 8% annual simple interest and the remainder at 10% annual simple interest, so that the interest earned by the two accounts will be equal
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Question 192634This question is from textbook
: How can $54000 be invested, part at 8% annual simple interest and the remainder at 10% annual simple interest, so that the interest earned by the two accounts will be equal This question is from textbook
You can put this solution on YOUR website! Let x = the amount invested at 8%, then (54000-x) will be the amount invested at 10%. Convert the percentages to their decimal eqivalents: 8% = 0.08 and 10% = 0.1
Now you can write the equation:
0.08x = 0.1($54000-x) Solve this for x.
0.08x = $5400-0.1x Add 0.1x to both sides of the equation.
0.18x = $5400 Divide both sides by 0.18
x = $3000 and $54000-$3000 = $24000
$3,000 is invested at 8%
$2,400 is invested at 10%
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