SOLUTION: A banker invested a portion of $10,000 at 5% interest per year and the remainder at 4% interest per year. If the banker recieved $470 in interest after one year, how much was inves

Algebra ->  Expressions-with-variables -> SOLUTION: A banker invested a portion of $10,000 at 5% interest per year and the remainder at 4% interest per year. If the banker recieved $470 in interest after one year, how much was inves      Log On


   

Question 70904This question is from textbook Algebra 1
: A banker invested a portion of $10,000 at 5% interest per year and the remainder at 4% interest per year. If the banker recieved $470 in interest after one year, how much was invested at each rate? This question is from textbook Algebra 1

Answer by mathman409(67) About Me  (Show Source):
You can put this solution on YOUR website!
x=investment in 5% interest account y=investment in 4% interest account
x+y=10000
5%x+4%y=470
100(5%x+4%y)=47000
5x+4y=47000
-
4x+4y=40000
x=7000
y=3000
CHECK
7000+3000=10000
5%*7000+4%*3000=470
350+120=470
470=470
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