SOLUTION: I have a total of $6000 invested in two simple interest accounts. The annual simple interest rate on one account is 9%. The annual simple interest rate on the second account is 6
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Question 267392: I have a total of $6000 invested in two simple interest accounts. The annual simple interest rate on one account is 9%. The annual simple interest rate on the second account is 6%. How much is invested in each account if both accounts earn the same amount of interest? Answer by drk(1908) (Show Source):
You can put this solution on YOUR website! This is an I = PRT problem. we have the formula
I = PRT and another I = PRT.
From above, we get
I = x(.09)(1)
and
I = (6000-x)(.06)(1)
since interest is equal set them equal to get
.09x = 360 - .06x
adding .06x we get
.15x = 360
dividing, we get
x = 2400 at 9%
6000-x = 3600 at 6%.
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