SOLUTION: Kimberly invests $1700 in one account and $1600 in an account paying 4 % higher interest. At the end of one year she had earned $328 in interest. At what rates did she invest?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Kimberly invests $1700 in one account and $1600 in an account paying 4 % higher interest. At the end of one year she had earned $328 in interest. At what rates did she invest?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1185385: Kimberly invests $1700 in one account and $1600 in an account paying 4 % higher interest. At the end of one year she had earned $328 in interest. At what rates did she invest?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
1700 * x + 1600 * (x + .04) = 328

simplify to get:

1700 * x + 1600 * x + 1600 * .04 = 328

simplify further and combine like terms to get:

3300 * x + 64 = 328

subtract 64 from both sides of the equation to get:

3300 * x = 264

solve for x to get:

x = 264 / 3300 = .08

x = .08

x + .04 = .12

1700 * .08 + 1600 * .12 = 328, confirming the value of x is good.

your solution is that she earned 8% on the 1700 investment and 12% on the 1600 investment.