SOLUTION: Larry Mitchell invested part of his $27,000 advance at 7% annual simple interest and the rest at 4% annual simple interest. If his total yearly interest from both accounts was $111

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Question 1046551: Larry Mitchell invested part of his $27,000 advance at 7% annual simple interest and the rest at 4% annual simple interest. If his total yearly interest from both accounts was $1110 find the amount invested at each rate
Answer by solver91311(24713) About Me  (Show Source):
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A person has currency units invested in 2 accounts.

One account earns percent interest, and the other account earns percent interest.

The two accounts earn a total of interest in one year.

How much is invested in each account?

Let be the amount invested at percent. Then the amount invested at percent is , and:



Solve for , then calculate

John

My calculator said it, I believe it, that settles it