SOLUTION: Tony had $20,000 to invest. He invested some of it in an account that paid 7% simple interest per year, and he invested the rest in an account that paid 5% simple interest per year
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Question 672316: Tony had $20,000 to invest. He invested some of it in an account that paid 7% simple interest per year, and he invested the rest in an account that paid 5% simple interest per year. After one year, he received a total of $1040 in interest. How much did he invest in each account? Answer by sachi(548) (Show Source):
You can put this solution on YOUR website! let tony invested $x at 7% simple interest pa, and $20000-x at 5% simple interest pa
as per question 7x/100+5(20000-x)/100=1040
or 7x+5(20000-x)=1040*100=104000
or 7x+100000-5x=104000
or 2x=4000
or x=2000
so tony invested $2000 at 7% simple interest pa, and $18000 at 5% simple interest pa
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