SOLUTION: An executive invested $18,000 in two accounts, one a cash on reserve that yielded 7% simple interest, and the other a long-term certificate paying 11% simple interest. At the end o
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Question 397195: An executive invested $18,000 in two accounts, one a cash on reserve that yielded 7% simple interest, and the other a long-term certificate paying 11% simple interest. At the end of one year, the two accounts had earned her a total of $1540. How much had she invested in each account?” How do i set this up as an algebra equation? Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount invested @ 7%
Let = amount invested @ 11%
given:
(1)
(2)
----------------------
Multiply both sides of (1) by
(1)
Multiply both sides of (2) by
and subtract (2) from (1)
(1)
(2)
and, from (2),
$11,000 was invested @ 7%
$7,000 was invested @ 11%
