SOLUTION: Mitchell invested part of his $14000 advance at 2% annual simple interest and the rest at 5% annual simple interest. his total yearly interest from both accounts was $580.
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-> SOLUTION: Mitchell invested part of his $14000 advance at 2% annual simple interest and the rest at 5% annual simple interest. his total yearly interest from both accounts was $580.
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Question 1071113: Mitchell invested part of his $14000 advance at 2% annual simple interest and the rest at 5% annual simple interest. his total yearly interest from both accounts was $580.
What is the amount invested at 2%?
What is the amount invested at 5%? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! x at 2%
14000-x at 5%
.02x+.05(14000-x)=$580
.02x+700-.05x=$580
-0.03x=-120
x=$4000 at 2%=$80
14,000-x=$10000@5%=$500
Add to $580
