SOLUTION: Suppose a person invest a total of invests a total of $12,000 in two accounts. One account earns 5% annually, and the other earns 6% annually. If the total interest earned from bot
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Question 720624: Suppose a person invest a total of invests a total of $12,000 in two accounts. One account earns 5% annually, and the other earns 6% annually. If the total interest earned from both accounts in a year is $690, how much is invested in each account? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 5.00% per annum ---x *
Part II 6.00% per annum ---y
Total investment
x + 1 y= 12000 -------------1
Interest on both investments
5.00% x + 6.00% y= 690
Multiply by 100
5 x + 6 y= 69000.00 --------2
Multiply (1) by -5
we get
-5 x -5 y= -60000.00
Add this to (2)
0 x 1 y= 9000
divide by 1
y = 9000 -
Part I 5.00% $ 3000
Part II 6.00% $ 9000
