SOLUTION: A total of $9500 is deposited into two simple interest accounts. On one account the annual simple interest rate is 10% on the second account the annual simple interest rate is 11%.

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Question 101802: A total of $9500 is deposited into two simple interest accounts. On one account the annual simple interest rate is 10% on the second account the annual simple interest rate is 11%. How much should be invested in the 11% account so that the total annual interest earned is $1005?
Answer by stanbon(75887) About Me  (Show Source):
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A total of $9500 is deposited into two simple interest accounts. On one account the annual simple interest rate is 10% on the second account the annual simple interest rate is 11%. How much should be invested in the 11% account so that the total annual interest earned is $1005?
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"x" dollars at 11% gives 0.11x interest
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"9500-x" at 10% gives 0.10(9500-x)= 950-0.10x interest
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EQUATION:
interest + interest = 1005 dollars
0.11x +950-0.10x = 1005
0.01x = 55
x = $5500 (amount invested at 11%)
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Cheers,
Stan H.