SOLUTION: Ivy has two investments totaling $13,000. Plan A has an APR of 4% and Plan B has an APR of 10%. After one year, the interest earned from Plan B is $460 more than the interest earne
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Ivy has two investments totaling $13,000. Plan A has an APR of 4% and Plan B has an APR of 10%. After one year, the interest earned from Plan B is $460 more than the interest earne
Log On
Question 806594: Ivy has two investments totaling $13,000. Plan A has an APR of 4% and Plan B has an APR of 10%. After one year, the interest earned from Plan B is $460 more than the interest earned from Plan A. How much did she invest in each plan? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Plan A -------------4%-----------------x
PlanB -------------10%-----------------y
x+y=13000
10%y=4%x+460
10%-4%y=460
multiply by 100
10x-4y=46000
1 x + 1 y = 13000 .............1
Total value
10 x -4 y = 46000 .............2
Eliminate y
multiply (1)by 4
Multiply (2) by 1
4 x 4 y = 52000
10 x -4 y = 46000
Add the two equations
14 x = 98000
/ 14
x = 7000
plug value of x in (1)
1 x + 1 y = 13000
7000 + y = 13000
y = 13000 -7000
y = 6000
y = 6000
