SOLUTION: Suppose you invest money in two accounts. One of the accounts pays 8% annual interest, whereas the other pays 9% annual interest. If you have $2000 more invested at 9% than you h
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Suppose you invest money in two accounts. One of the accounts pays 8% annual interest, whereas the other pays 9% annual interest. If you have $2000 more invested at 9% than you h
Log On
Question 571100: Suppose you invest money in two accounts. One of the accounts pays 8% annual interest, whereas the other pays 9% annual interest. If you have $2000 more invested at 9% than you have invested at 8%, how much do you have invested in each account if the total amount of interest you earn in a year is $860? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! 8%---------------x
9%= x+2000
sum of idividual interests = total interest
0.08x+0.09*(x+2000)=860
0.08x+0.09x+180=860
0.17x=860-180
0.17x=680
/0.17
x= 680/0.17
x= 4000
Amount invested @8% = $4000
Amount invested @ 9% = $4000+2000 = $6000
m.ananth@hotmail.ca
