SOLUTION: I have $16,000 to invest. I put part of it an account paying 6% simple interest and the rest in an account paying 7% simple interest. If my annual income is $1,080 how much do I ha

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: I have $16,000 to invest. I put part of it an account paying 6% simple interest and the rest in an account paying 7% simple interest. If my annual income is $1,080 how much do I ha      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 47622: I have $16,000 to invest. I put part of it an account paying 6% simple interest and the rest in an account paying 7% simple interest. If my annual income is $1,080 how much do I have invested in each account?
16,000(.06)+ 16,000(.07)= 1080
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
YOUR EQUATION SAYS YOU PUT ALL 16,000 @ 6% & ALL 16,000 & 7%. HOWEVER THE PROBLEM ASKS WHAT PART (X)& (16,000-X) ARE INVESTED THUS THE EQUATION SHOULD BE
.06X+.07(16,000-X)=1,080 OR .06X+1120-.07X=1080 OR -.01X=-40 OR X=40/.01 OR
X=4000 INVESTED @ 6% & 16,000-4000=12,000 INVESTED @7%
PROOF 4,000*.06+12,000*.07=1080 OR 240+840=1080 OR 1080=1080