SOLUTION: You inherit $13,000 and decide to invest the money in two different investments, one paying 10% and the other paying 14%. After 6 months your investments are worth $13,741. How mu
Question 267414: You inherit $13,000 and decide to invest the money in two different investments, one paying 10% and the other paying 14%. After 6 months your investments are worth $13,741. How much did you invest in each account? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! You inherit $13,000 and decide to invest the money in two different investments, one paying 10% and the other paying 14%.
After 6 months your investments are worth $13,741.
How much did you invest in each account?
:
We know the interest earned = $741; write a total interest equation
Let x = amt invested at 14%
then
(13000-x) = amt invested at 10%
:
We assume the investment return % were per year, but this total is for 6 months
We have to assume that after 1 yr the amt earned would be 2*741 = $1482
Using that assumption:
:
.14x + .10(13000-x) = 1482
.14x + 1300 - .10x = 1482
.14x - .10x = 1482 - 1300
.04x = 182
x =
x = $4,550 invested at 14%
and
13000 - 4550 = $8,450 invested at 10%
:
:
Check: .14(4550) + .10(8450) =
637 + 845 = 1482 per year
then
781 for half a year
