Question 24949: an investment of $20,000 is made in a 10.5% simple interest account. How much additional money must be deposited into an 8% simple interest account so that the total interest earned on both accounts is 9% of the total investment?
Answer by wuwei96815(245)   (Show Source):
You can put this solution on YOUR website! Let x = the additional money that needs to be deposited. Let's write an equation that shows the relationship between the two accounts.
10.5%(20,000) + 8%(x) = 9%(20,000 + x)
2,100 + .08x = 1,800 + .09x
2,100 - 1,800 = .09x - .08x
300 = .01x
30,000 = x
I hope that is right.
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