SOLUTION: Last year, Josh had $20,000 to invest. He invest some of it in an account that paid 7% simple interest per year, and he invest the rest in an account that paid 6% simple interest p
Algebra ->
Percentage-and-ratio-word-problems
-> SOLUTION: Last year, Josh had $20,000 to invest. He invest some of it in an account that paid 7% simple interest per year, and he invest the rest in an account that paid 6% simple interest p
Log On
Question 1032675: Last year, Josh had $20,000 to invest. He invest some of it in an account that paid 7% simple interest per year, and he invest the rest in an account that paid 6% simple interest per year. After one year he received a total of $1250 in interest. How much did he invest in each account?
You can put this solution on YOUR website! Let n be the amount invested at 7%. Then:
.07n+.06(20000-n)=1250
.07n+1200-.06n=1250
.01n=50
n=$5000 invested at 7%, and $15000 invested at 6%!!!!!!!!!!!!!!
(