Question 1119969: A woman invests a total of $20,000 in two accounts, one paying 3% and the other paying 7% simple interest per year. Her annual interest is $840. How much did she invest at each rate?
Answer by ikleyn(52775)   (Show Source):
You can put this solution on YOUR website! .
Your equation is
0.03*x + 0.07*(20000-x) = 840 dollars,
where x is the amount invested at 3%.
Simplify and solve for x.
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It is a typical and standard problem on investment.
To see many other similar solved problems on investment, look into the lesson
- Using systems of equations to solve problems on investment
in this site.
You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).
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".
Save the link to this online textbook together with its description
Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson
to your archive and use it when it is needed.
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