SOLUTION: You invested $18,000 in two accounts paying %4 and %7 annual interest, respectively. If the total interest earned for the year was $930, how much was invested at each rate?
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: You invested $18,000 in two accounts paying %4 and %7 annual interest, respectively. If the total interest earned for the year was $930, how much was invested at each rate?
Log On
Question 493653: You invested $18,000 in two accounts paying %4 and %7 annual interest, respectively. If the total interest earned for the year was $930, how much was invested at each rate? Answer by MRperkins(300) (Show Source):
You can put this solution on YOUR website! Let x=amount invested at 4%
Let y=amount invested at 7%
Then
.04x+.07y=930
x+y=18,000
Solve for x and y using substitution (easiest) or elimination methods
