SOLUTION: Last year, Dan had $10,000 to invest. He invested some of it in an account that paid 5% simple interest per year, and he invested the rest in an account that paid 6% simple interes

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Question 1189556: Last year, Dan had $10,000 to invest. He invested some of it in an account that paid 5% simple interest per year, and he invested the rest in an account that paid 6% simple interest per year. After one year, he received a total of $590 in interest. How much did he invest in each account?
First account:
Second account:
Found 2 solutions by josgarithmetic, greenestamps:
Answer by josgarithmetic(39620) About Me  (Show Source):
You can put this solution on YOUR website!
Investing x at 6%,
then investing 10000-x at 5%

Account for the earned 1-year interest.
0.05%2810000-x%29%2B0.06x=590
.
.

Answer by greenestamps(13200) About Me  (Show Source):
You can put this solution on YOUR website!


Here is a quick and easy informal way to solve a "mixture" problem like this.

(1) $590 interest on an investment of $10,000 is a return of 5.9%
(2) 5.9% is 9/10 of the way from 5% to 6%
(3) That means 9/10 of the total was invested at the higher rate.

ANSWER: 9/10 of the $10,000, or $9000, at 6%; the other $1000 at 5%.

CHECK: .06(9000)+.05(1000)=540+50=590