SOLUTION: Mr. Hall had some money in his bank earning 3.5% simple interest. He had $7000 more deposited in a credit union earning 9% simple interest. If his total interest for 1 year was $13
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Question 1184070: Mr. Hall had some money in his bank earning 3.5% simple interest. He had $7000 more deposited in a credit union earning 9% simple interest. If his total interest for 1 year was $1360, how much did he deposit in each account? Answer by mananth(16946) (Show Source):
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Mr. Hall had some money in his bank earning 3.5% simple interest
Let this amount be x
. He had $7000 more deposited in a credit union earning 9% simple interest
= x+7000
. If his total interest for 1 year was $1360.
3.5% x +9%(x+7000) = 1360
0.035x +0.09(x+7000)=1360
0.035x +0.09x+630=1360
0.125x = 730
x =5840
xMr. Hall had $5840 in his bank earning 3.5% simple interest
Add $7000 to the amount to get the other investment
