SOLUTION: You invest $7200 in two accounts paying 8% and 10% annual interest. At the end of the year the accounts earn the same interest. How much interest at each rate?
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Question 263221: You invest $7200 in two accounts paying 8% and 10% annual interest. At the end of the year the accounts earn the same interest. How much interest at each rate? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! You invest $7200 in two accounts paying 8% and 10% annual interest. At the end of the year the accounts earn the same interest. How much interest at each rate?
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Equation:
0.08x = 0.10(7200-x)
Multiply both sides by 100 to get:
8x = 10(7200-x)
8x = 72000-10x
18x = 72000
x = 4000 (amount invested at 8%)
7200-x = 6800 (amount invested at 10%)
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Cheers,
Stan H.
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