SOLUTION: Suppose you invest a certain amount of money in an account that pays 6% interest annually and $1000 more in an account that pays 2% annually how much money was invested in each acc
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Suppose you invest a certain amount of money in an account that pays 6% interest annually and $1000 more in an account that pays 2% annually how much money was invested in each acc
Log On
Question 1147235: Suppose you invest a certain amount of money in an account that pays 6% interest annually and $1000 more in an account that pays 2% annually how much money was invested in each account if the total interest for a year is $660 Answer by ikleyn(52898) (Show Source):
Let x be the amount invested at 6%.
Then the other amount is (x+1000) dollars.
The total interest is the sum of partial interests
0.06x + 0.02*(x+1000) = 660.
Express x and calculate
x = = 8000 dollars.
Answer. $8000 invested at 6% and 8000+1000 = 9000 dollars invested at 2%.
CHECK. 0.06*8000 + 0.02*9000 = 660 dollas. ! Precisely correct !
