Question 1008095: Last year, Ann had
$20,000
to invest. She invested some of it in an account that paid
7%
simple interest per year, and she invested the rest in an account that paid
5%
simple interest per year. After one year, she received a total of
$1240
in interest. How much did she invest in each account?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Last year, Ann had $20,000to invest. She invested some of it in an account that paid 7%simple interest per year, and she invested the rest in an account that paid 5%simple interest per year. After one year, she received a total of $1240
in interest. How much did she invest in each account?
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Using 2 equations:
Quantity:: s + f = 20000 dollars
Interest::7s +5f = 124000 dollars
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Modify for elimination::
7s + 7f = 7*20000
7s + 5f = 124000
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Subtract and solve for "f"::
2f = 16000
f = $8000 (amt. invested at 5%)
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Solve for "s"::
s + f = 20000
s = $12000 (amt. invested at 7%)
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Cheers,
Stan H.
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