SOLUTION: Investing: Ms. Jones invested $18,000 in two accounts. One account pays 6% simple interest and the other pays 8%. Her total interest for the year was $1,290. How much did she h

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Question 54315This question is from textbook
: Investing: Ms. Jones invested $18,000 in two accounts. One account pays 6% simple interest and the other pays 8%. Her total interest for the year was $1,290. How much did she have in each account. This question is from textbook

Answer by jenrobrody(19) About Me  (Show Source):
You can put this solution on YOUR website!
6% account has x dollars
8% account has 18000-x dollars
Interest = Principle * Rate * Time
Interest from 6% account = x(0.06)(1) = 0.06x
Interest from 8% account = (18000 - x)(0.08)(1) = 0.08(18000 - x)
Total interest:
0.06x + 0.08(18000 - x) = 1290
0.06x + 1440 - 0.08x = 1290
-1440 -1440
-0.02x = -150
x = 7500
6% account has 7500 which earns 450 interest
8% account has 18000-7500 or 10500 dollars which earns 840 interest
checks out to give a total of 1290 interest