SOLUTION: Melanie invests a total of $17,500 in two accounts. The first account earned a rate of return of 13% (after a year). However, the second account suffered a 6% loss in the same time
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Question 670260: Melanie invests a total of $17,500 in two accounts. The first account earned a rate of return of 13% (after a year). However, the second account suffered a 6% loss in the same time period. At the end of one year, the total amount of money gained was $1,800.00. How much was invested into each account?
You can put this solution on YOUR website! Let = amount invested in the 1st account
Let = amount invested in the 2nd account = gain from 1st account = loss from 2nd account
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given:
(1)
(2)
------------------------
(2)
Multiply both sides of (1) by
and add the equations
(2)
(1)
and, since
(1)
(1)
(1)
$15,000 was invested in the 1st account
$2,500 was invested in the 2nd account
check:
(2)
(2)
(2)
(2)
OK
