SOLUTION: you invest $9000 between two accounts paying 7% and 9% annual interest, respectively. If the total interest earned for the year is $730, how much was invested at each rate?
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Question 1093882: you invest $9000 between two accounts paying 7% and 9% annual interest, respectively. If the total interest earned for the year is $730, how much was invested at each rate? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! you invest $9000 between two accounts paying 7% and 9% annual interest, respectively. If the total interest earned for the year is $730, how much was invested at each rate?
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Equations:
s + n = 9000
7s+9n = 73000
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Modify:
7s + 7n = 63000
7s + 9n = 73000
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Subtract and solve for "n"::
2n = 1000
n = $5000 (amt invested at 9%)
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s = 9000-5000 = $4000 (amt invested at 7%)
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Cheers,
Stan H.
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