SOLUTION: Mr. Toya had part of his $5000 savings in an account that earned 7% interest and the rest in an account that earned 9% interest. How much did he have in each account if his annual
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Question 63886: Mr. Toya had part of his $5000 savings in an account that earned 7% interest and the rest in an account that earned 9% interest. How much did he have in each account if his annual from the total investment was $404.20? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Mr. Toya had part of his $5000 savings in an account that earned 7% interest and the rest in an account that earned 9% interest. How much did he have in each account if his annual from the total investment was $404.20?
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Let amount invested at 7% be x: interest in this is 0.07x dollars
Amount invested at 9% is "5000-x"; interest in this is 0.09(5000-x)=450-0.09x
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EQUATION:
interest + interest = 404.20
0.07x+450-0.09x=404.20
-0.02x=-45.8
x=$2290 (amount invest at 7%)
5000-x = 5000-3390=$2710 (amount invested at 9%)
Cheers,
Stan H.
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