Question 493168: You inherit $13,000 and you decide to invest the money in two different investments: one paying 10% and the other paying 14%. A year later your investments are worth $14,580. How much did you originally invest in each account?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! You inherit $13,000 and you decide to invest the money in two different investments: one paying 10% and the other paying 14%. A year later your investments are worth $14,580. How much did you originally invest in each account?
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Equations:
Quantity: x + y = 13000
Interest:0.10x + 0.14y = 1580
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Multiply thru the Quantity Equation by 10
Multiply thru the Interest Equation by 100
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10x + 10y = 130000
10x + 14y = 158000
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Subtract and solve for "y":
4y = 28000
y = $7,000.00 (amt invested at 14%)
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Solve for "x":
x = 13000-7000 = $6,000.00 (amt. invested at 10%)
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Cheers,
Stan H.
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