Question 713267: Bernice Invested $120,000. She put some in an account that pays 4% interest per year and the remainder she invested in an account that pays 7% per year. If she earned $7,800 in one year, how much was invested at each rate? Write an equation.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Bernice Invested $120,000. She put some in an account that pays 4% interest per year and the remainder she invested in an account that pays 7% per year. If she earned $7,800 in one year, how much was invested at each rate? Write an equation.
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Equation:
interest + interest = interest
0.04x + 0.07(120,000-x) = 7800
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4x + 7*120000 - 7x = 780000
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-3x = -60000
x = $20,000 (amt. invested at 4%
120,000-x = $100,000 (amt. invested at 7%)
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Cheers,
Stan H.
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