SOLUTION: Martha Goshaw wishes to place part of $12,000 into a savings account earning 8% simple interest and part of it into a savings account earning 7.25% simple interest. How much should
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Question 1098846: Martha Goshaw wishes to place part of $12,000 into a savings account earning 8% simple interest and part of it into a savings account earning 7.25% simple interest. How much should she invest in each if she wishes to earn $900 in interest for the year. Answer by Fombitz(32388) (Show Source):
You can put this solution on YOUR website! X - the amount at 8%
Y - the amount at 7.25%
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1.
2.
Multiply eq. 1 by 8 and subtract from eq. 2,
Solve for Y then use either equation to solve for X.
