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Question 491864: a person invests a total of $23500 in two accounts. one investment earned 8% annual simple interest while the other earned 5.5% annual interest. the amount of interest earned for one year was &=$1680. how much was invested in each account?
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! Investment I 8.00% per annum ---x
Investment II 5.50% per annum ---y
x + y= 23500 ------------------------1
8.00% x + 5.50% y = $1,680.00
Multiply by 100
8 x + 5.5 y = $168,000.00 --------2
Multiply (1) by -8
we get
-8 x -8 y = -188000.00
Add this to (2)
0 x -2.5 y = -$20,000.00
divide by -2.5
y = $8,000.00 investment at
Balance $15,500.00 investment at
CHECK
$15,500.00 $1,240.00
$8,000.00 $440.00
Total $1,680.00
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