SOLUTION: you invested $16,000 in two accounts paying 2% and 7% annual interest. If total interest earned for the year was $970, how much was invested at 2% and 7%
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Question 845342: you invested $16,000 in two accounts paying 2% and 7% annual interest. If total interest earned for the year was $970, how much was invested at 2% and 7% Answer by hamsanash1981@gmail.com(151) (Show Source):
You can put this solution on YOUR website! Let the amount invested at 7% be x, then the amount invested at 2% is 16000-x.
no of years = 1
SI at 2% = (16000-x)* 1*2/100 = (32000-2x)/100
SI at 7% = (x)*1*7/100 = 7x)/100
SI at 2% + SI at 7% = 970
(32000-2x)/100 + 7x/100 = 970
(32000-2x+7x)/100 = 970
5x+32000 = 97000
5x = 97000-32000
5x = 65000
x = 13000
amount invested at 7%= 13000 and amount invested at 2% = 16000 - 13000 = 3000
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