SOLUTION: a person plans to invest four times as much in an account at 6% interest as in an account at 9% annual interest. how much should the person invest in each account to earn a total o
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: a person plans to invest four times as much in an account at 6% interest as in an account at 9% annual interest. how much should the person invest in each account to earn a total o
Log On
Question 757302: a person plans to invest four times as much in an account at 6% interest as in an account at 9% annual interest. how much should the person invest in each account to earn a total of $825 in one year? Answer by LearnWithMajor(33) (Show Source):
You can put this solution on YOUR website! x = investment at 6% interest. y = investment at 9% interest
simple interest equation: interest = principle*rate*time(years)
i = p*r*t
a person plans to invest four times as much in 6% as in 9%
x = 4y
the person wants to earn a total of $825 in interest in 1 year so when we add the interest from both accounts it should equal 825.
0.06x + 0.09y = 825
Substituting 4y in for x we get
0.06(4y) + 0.09y = 825
0.24y + 0.09y = 825
0.33y = 825
y = 825/0.33 = 2500
x = 4y = 4(2500) = 10000
(