SOLUTION: a dentist invested a portion of $15,000 in a 7% annual simple interest account and the remainder in a 6.5% annual simple interest goverment bond. the two investments earn $1020 in
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Question 17958: a dentist invested a portion of $15,000 in a 7% annual simple interest account and the remainder in a 6.5% annual simple interest goverment bond. the two investments earn $1020 in interest annually. how much was invested in each account. Answer by Earlsdon(6294) (Show Source):
You can put this solution on YOUR website! Let x = the amount invested at 7% (= 0.07) and ($15,000 - x) the amount invested at 6.5% (= 0.065). Change the percents to decimals and then set up your equation. Solve for x:
Simplify and solve for x. Subtract 975 from both sides. Divide both sides by 0.005
The amount invested ay 7% is $9,000
The amount invested at 6.5% is ($15,000 - $9,000) = $6,000
Check:
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