SOLUTION: Mr. Wilson invested money in two accounts. His total investment was $20,000. If one account pays 7% in interest and the other pays 3% in interest, how much does he have in each acc
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Mr. Wilson invested money in two accounts. His total investment was $20,000. If one account pays 7% in interest and the other pays 3% in interest, how much does he have in each acc
Log On
Question 1023874: Mr. Wilson invested money in two accounts. His total investment was $20,000. If one account pays 7% in interest and the other pays 3% in interest, how much does he have in each account if he earned a total of $1,040 in interest in 1 year?
You can put this solution on YOUR website! Call what he invested at 7%, x. Then what he invested at 3% was 20000-x. The setup looks like this:
.07x + .03(20000-x) = 1040
.07x + 600 - .03x = 1040
.04x + 600 = 1040
.04x = 440
x = $11000 at 7% and thus
20000-x = $9000 at 3%
