SOLUTION: How can $54,000 be invested, part at 8% annual simple interest and the remainder at 10% annual simple interest, so that the interest earned by the two accounts will be equal?

Algebra ->  Finance -> SOLUTION: How can $54,000 be invested, part at 8% annual simple interest and the remainder at 10% annual simple interest, so that the interest earned by the two accounts will be equal?      Log On


   

Question 263586: How can $54,000 be invested, part at 8% annual simple interest and the remainder at 10% annual simple interest, so that the interest earned by the two accounts will be equal?
Answer by drk(1908) About Me  (Show Source):
You can put this solution on YOUR website!
This is I = PRT, but with 2 investments so we get
I+=+PRT+%2B+PRT
but we want them equal, so
PRT+=+PRT
from above we have
(i) x%28.08%29%281%29+=+%2854000-x%29%28.10%29%281%29
simplified, we get
(ii) +.08x+=+5400+-+.10x
adding we get
(iii) .18x+=+5400
so, x = $30,000 @ 8%
and 54000-x = $24,000 @ 10%