SOLUTION: an investor must invest a total of $15,000 in two accounts, one paying 4% annual simple interest and the other 3%. if he wants to earn $55 annual interest, how much should he inves

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: an investor must invest a total of $15,000 in two accounts, one paying 4% annual simple interest and the other 3%. if he wants to earn $55 annual interest, how much should he inves      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 412295: an investor must invest a total of $15,000 in two accounts, one paying 4% annual simple interest and the other 3%. if he wants to earn $55 annual interest, how much should he invest at each rate?
Found 2 solutions by solver91311, BadLandsBarn:
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


You have written this problem incorrectly.


John

My calculator said it, I believe it, that settles it
The Out Campaign: Scarlet Letter of Atheism

Answer by BadLandsBarn(8) About Me  (Show Source):
You can put this solution on YOUR website!
I am assuming you made an error, the amount should be $550.00, not $55.00
(x)(.04) + (15000 - x)(.03) = 550
.04x + 450 - .03x = 550
.01x = 100
x = 10000
10000(.04) = 400
5000(.03) = 150
check 400 + 150 = 550.