SOLUTION: An investment of 10,800 is deposited into two simple interest accounts. On one account the annual simple interest rate is 11.2%. On the other, the annual simple interest rate is 14
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Question 672468: An investment of 10,800 is deposited into two simple interest accounts. On one account the annual simple interest rate is 11.2%. On the other, the annual simple interest rate is 14%. How much should be invested in each account so that the interest earned is the same? Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! Let = amount invested @ 11.2%
Let = amount invested @ 14%
given:
(1)
(2)
-------------------
(2)
(2)
(2)
Substitute this result into (1)
(1)
(1)
(1)
and, since
(1)
(1)
(1)
$6,000 should be invested @ 11.2%
$4,800 should be invested @ 14%
check:
(2)
(2)
(2)
OK
