SOLUTION: A total of $18,000 is deposited into two simple interest accounts. One account earns 10% annual simple interest;the other account earns 12% annual simple interest. How much should

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Question 1112472: A total of $18,000 is deposited into two simple interest accounts. One account earns 10% annual simple interest;the other account earns 12% annual simple interest. How much should be invested in each account so that the total annual interest earned is $2040?
Answer by ikleyn(52847) About Me  (Show Source):
You can put this solution on YOUR website!
.
x invested at 10%,   the rest (18000-x) invested at 12%.


interest + interest       = total interest


0.1x     + 0.12*(18000-x) = 2040


0.1x + 0.12*18000 - 0.12x = 2040


-0.02x = 2040 - 0.12*18000 = 0120  ====>  x = %28-120%29%2F%28-0.02%29 = 6000.


Answer.  $6000 was invested at 10%.   The rest $12000 was invested at 12%


Check.   0.1*6000 + 0.12*12000 = 2040  dollars.   ! Correct !

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To see many other similar solved problems on investment,  look into the lesson
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in this site.

You will find there different approaches  (using one equation or a system of two equations in two unknowns),  as well as
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Also,  you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lesson is the part of this online textbook under the topic  "Systems of two linear equations in two unknowns".


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