Question 1051466: Suppose you invest money in two accounts. One of the accounts pay
9% annual interest, whereas the other pays
10% annual interest. If you have
$7,000 more invested at
10% than you invested at
9%, how much do you have invested in each account if the total amount of interest you earn in a year is
$1,080?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Suppose you invest money in two accounts. One of the accounts pays
9% annual interest, whereas the other pays
10% annual interest.
If you have
$7,000 more invested at
10% than you invested at
9%, how much do you have invested in each account if the total amount of interest you earn in a year is
$1,080?
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Equations:
Quantity:: t = n + 7000
Interest:: 10t + 9n = 108000
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10t - 10n = 70000
10t + 9n = 100000
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19n = 30000
n = $1578.95 (amt. invested at 9%)
t = n+7000 = $8578.95 (amt invested at 10%)
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Cheers,
Stan H.
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