SOLUTION: A man has a savings account that pays 1% annual interest and a mutual fund account that pays 11% annually. His total interest from the two accounts is $1540, and the total amount
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-> SOLUTION: A man has a savings account that pays 1% annual interest and a mutual fund account that pays 11% annually. His total interest from the two accounts is $1540, and the total amount
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Question 59484: A man has a savings account that pays 1% annual interest and a mutual fund account that pays 11% annually. His total interest from the two accounts is $1540, and the total amount of money in the two accounts is $20,000. How much money does he have in the savings account? Found 2 solutions by tutorcecilia, josmiceli:Answer by tutorcecilia(2152) (Show Source):
You can put this solution on YOUR website! (1%)(x)+(11%)($20,000-x)=$1540
.01x+.11(20,000-x)=1540
.01x+2200-.11x=1540 [Solve for x]
-.10x=-660
x=$6600 in the savings account.
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Check by plugging all of the values into the original equation.
You can put this solution on YOUR website! 20K is the total amount invested
Let x = amount invested @ 11%
20K - x = amount invested @ 1%
20K - x = amount invested @ 1%
The amount invested in the savings account is $6,600
