SOLUTION: An investor earned a total of $101 at the end of one year by investing $1,050 in a money market account of a credit union. Part of this money earned 9% annual simple interest and t

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Question 268537: An investor earned a total of $101 at the end of one year by investing $1,050 in a money market account of a credit union. Part of this money earned 9% annual simple interest and the other part earned 10% annual simple interest. How much was invested at each rate?
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Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.10X+.09(1,050-X)=101
.10X+94.5-.09X=101
.01X=101-94.5
.01X=6.5
X=6.5/.01
X=$650 AMOUNT INVESTED @ 10%
1,050-650=$400 AMOUNT INVESTED @ 9%.
PROOF:
.10*650+.09*400=101
65+36=101
101=101