SOLUTION: James invested a total of $5,600 in two banks.He invested in Bank A at an annual interest rate of 6% and Bank B at annual interest rate of 8%. After one year,the total interest ear
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Question 1094271: James invested a total of $5,600 in two banks.He invested in Bank A at an annual interest rate of 6% and Bank B at annual interest rate of 8%. After one year,the total interest earned was $410.50. How much money did James invest in each bank? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! 1)x+y=5600
2).06x+.08y=410.50
multiply #2 by 100
3)6x+8y=41050
multiply #1 by 6
6x+6y=6*5600
4)6x+6y=33600
subtract #4 from #3
3)6x+8y=41050
4)6x+6y=33600
2y=41050-33600=7450
y=7450/2
y=3725 at 8%
x=5600-3725=1875 at 6%
