Question 1031499: Question:
Write and solve a system of equations for a total of $15,000 invested in two accounts, with simple interest rates 1.85% and 2.95% respectively, where the total interest earned was $425.
I'm not sure how to start solving this problem.
Thanks!
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Write and solve a system of equations for a total of $15,000 invested in two accounts, with simple interest rates 1.85% and 2.95% respectively, where the total interest earned was $425.
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Quantity Eq.:: n + t = 15000 dollars
Interest Eq.:: 0.0185n + 0.0295t = 425
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Modify for elimination::
185n + 185t = 185*15000
185n + 295t = 4250000
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Subtract and solve for "t":
110t = 14750000
t = $13409.09 (amt. invested at 2.95%
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Solve for "n"
n + t = 15000
n = 15000 - 13409.09 = $1590.91 (amt. invested at 1.85%
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Cheers,
Stan H.
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