SOLUTION: Joe has $6500.00 to invest. Part of this will be invested in a savings account yielding 4% and part in a municipal bond yielding 7.5%. If he earns $438.50 each year in interest, ho

Algebra ->  Finance -> SOLUTION: Joe has $6500.00 to invest. Part of this will be invested in a savings account yielding 4% and part in a municipal bond yielding 7.5%. If he earns $438.50 each year in interest, ho      Log On


   

Question 166030This question is from textbook Algebra1
: Joe has $6500.00 to invest. Part of this will be invested in a savings account yielding 4% and part in a municipal bond yielding 7.5%. If he earns $438.50 each year in interest, how much will be invested in each account? This question is from textbook Algebra1

Answer by elima(1433) About Me  (Show Source):
You can put this solution on YOUR website!
first account = .075x
second account = .04(6500-x)
438.5 = .075x + 260 - .04x
438.5 = .035x + 260
178.5 = .035x
5100 = x
==================
first account = $5100.00
second account = 6500 - 5100 = $1400.00
:)