SOLUTION: Harry has $4000 invested in two savings accounts. One account earns 6% interest per year, and the other pays 7% per year. If his total interest for the year is $264, how much is in

Algebra ->  Polynomials-and-rational-expressions -> SOLUTION: Harry has $4000 invested in two savings accounts. One account earns 6% interest per year, and the other pays 7% per year. If his total interest for the year is $264, how much is in      Log On


   

Question 314181: Harry has $4000 invested in two savings accounts. One account earns 6% interest per year, and the other pays 7% per year. If his total interest for the year is $264, how much is invested at 7%?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Let A be the amount at 6% and B be the amount at 7%.
Total amount
1.A%2BB=4000
Total interest
0.06A%2B0.07B=264
6A%2B7B=26400
Multiply eq.1 by (-6) and add to eq. 2,
-6A-6B%2B6A%2B7B=-24000%2B26400
highlight_green%28+B=2400%29
Then from eq. 1,
highlight_green%28+A=1600%29
He has $1600 invested at 6%, $2400 invested at 7%.