SOLUTION: Linda Smaoke invests a total of $ 10,000 in two savings accounts. One account pays 5% interest, and the other, 6%. Find the amount placed in each account if the accounts rece
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Question 1136712: Linda Smaoke invests a total of $ 10,000 in two savings accounts. One account pays 5% interest, and the other, 6%. Find the amount placed in each account if the accounts receive a total of $560 in interest after 1 year. Use interest=principal*rate*time. Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount invested @ 5% = amount invested @ 6%
Let = interest from 5% investment = interest from 6% investment
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(1)
(2)
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(1)
(2)
(2)
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Plug (1) into (2)
(2)
(2)
(2)
and
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$4,000 was invested @ 5%
$6,000 was invested @ 6%
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check:
(1)
(1)
(1)
and
(2)
(2)
(2)
OK
