SOLUTION: A person plans to invest a total of $ 5500 in one bank account at 6.8 % annual interest and another bank account at 18 % annual interest. How much should he invest in each account
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Question 1161650: A person plans to invest a total of $ 5500 in one bank account at 6.8 % annual interest and another bank account at 18 % annual interest. How much should he invest in each account so that the total interest in one year will be $ 430? Answer by solver91311(24713) (Show Source):
If you invest monetary units in two accounts such that monetary units is invested at r_1 percent per annum, and the rest is invested at r_2 percent per annum such that the interest amount at the end of one year is then:
You know , , , and . Just plug in the numbers you know, solve for , and calculate .
John
My calculator said it, I believe it, that settles it
