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Question 1152592: A $7,000 principal is invested in two accounts, one earning 3% interest and another earning 7% interest. If the total interest for the year is $262, then how much is invested in each account?
Found 2 solutions by josgarithmetic, ikleyn:
Answer by josgarithmetic(39618)   (Show Source):
Answer by ikleyn(52788)  (Show Source):
You can put this solution on YOUR website! .
Let x be an amount invested at 7%.
Then the amount invested at 3% is the rest 7000-x dollars.
The total interest is the sum of partial interests
0.07x + 0.03*(7000-x) = 262.
From the equation
x =  = 1300.
ANSWER. $1300 was invested at 7%, and the rest, 7000-1300 = 5700 dollars, invested at 3%.
CHECK. 0.07*1300 + 0.03*5700 = 262 dollars. ! Precisely correct !
Solved.
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It is a standard and typical problem on investments.
If you need more details, or if you want to see other similar problems solved by different methods, 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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