SOLUTION: An investment of 10,000 is split among two accounts. One account earns 3.5 %simple interest and the other account earns 7.5% simple interest (annually). The total interest earned
Question 665643: An investment of 10,000 is split among two accounts. One account earns 3.5 %simple interest and the other account earns 7.5% simple interest (annually). The total interest earned at the end of the year is 520. Find the amount in each account. I need to show work and set this up as a system of equations. Answer by ReadingBoosters(3246) (Show Source):
You can put this solution on YOUR website! Establish variables
x = $ at 3.5%
y = $ at 7.5%
...
Given
x+y = 10,000, which is the same as x = 10000-y
.035(x) + .075(y) = 520
...
Substitute x into the second equation
.035(10000-y) + .075y = 520
..
Distribute .035
.035(10000) - .035y + .075y = 520
350 + .04y = 520
..
Isolate y
.04y = 520 - 350
.04y = 170
..
Divide both sides by .04
y = at 7.5%
x = 10000-4250 = at 3.5%
...
Check
.....................
Delighted to help.
-Reading Boosters
Wanting for others what we want for ourselves.
www.MyHomeworkAnswers.com
(