SOLUTION: 3. Mr. Anderson wants to invest $15,000 into two accounts. The interest rate on both accounts is 8% and 11% respectively. How much does he invest in both if he wants $1500 in total

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Question 301399: 3. Mr. Anderson wants to invest $15,000 into two accounts. The interest rate on both accounts is 8% and 11% respectively. How much does he invest in both if he wants $1500 in total interest.
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.11X+.08(15,000-X)=1,500
.11X+1,200-.08X=1,500
.03X=1,500-1,200
.03X=300
X=300/.03
X=10,000 AMOUNT INVESTED @ 11%.
15,000=10,000=5,000 AMOUNT INVESTED @ 8%.
.11*10,000+.08*5,000=1,500
1,100+400=1,500
1,500=1,500