Question 1022863: Suppose that you invest $20,000 into two accounts paying 7% and 9% annual interest, respectively. If the total interest earned for the year is $1550, how much was invested at each rate? For this question, I only want you to tell me how you would set the equation(s) up to solve this.
Answer by addingup(3677)   (Show Source):
You can put this solution on YOUR website! OK, I'll take you up to the equations. If you get stuck email me.
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20,000 at 0.07 and 0.09 earn 1,550.
Let's call the amount invested at 0.07 x.
The rest of the money is invested at 0.09... how much is this amount? Well, out of 20,000, if x is invested at 0.07, that leaves 20,000-x to invest at 0.09:
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0.07x+0.09(20,000-x) = 1,550
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You take it from there.
J
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