Question 839158: you invested $29,000 in two accounts paying 3% and 8% annual interest, respectively. If you total the interest earned for the year was $1220, how much was invested at each rate?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! you invested $29,000 in two accounts paying 3% and 8% annual interest, respectively. If you total the interest earned for the year was $1220, how much was invested at each rate?
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Quantity: t + e = 29000
Interest:3t +8e = 122000
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Modify:
3t + 3e = 3*29000
3t + 8e = 122000
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Subtract and solve for "e":
5e = 35000
e = $7000 (amt. invested at 8%)
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t = 29000-7000 = $22000 (amt. invested at 3%)
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Cheers,
Stan H.
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