Question 1020847: Chad invests a total of $24,000 in two accounts. The first account earned a rate of return of 12% (after a year). However, the second account suffered a 3% loss in the same time period. At the end of one year, the total amount of money gained was $1,830.00. How much was invested into each account?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Chad invests a total of $24,000 in two accounts. The first account earned a rate of return of 12% (after a year). However, the second account suffered a 3% loss in the same time period. At the end of one year, the total amount of money gained was $1,830.00. How much was invested into each account?
-------
Quantity:: w + t = 24000
Interest:: 12w - 3t = 183000
-----------------------------------
Modify for elimination::
3w + 3t = 72000
12w- 3t = 183000
----------------------
15w = 255000
----
w = $17000 (amt. invested at 12%)
t = 24000-17000 = $7000 (amt. invested at 3%)
------------
Cheers,
Stan H.
------------
|
|
|
