SOLUTION: Mr. Wilson invested money in two accounts. His total investment was $20,000. If one account pays 7% in interest and the other pays 3% in interest, how much does he have in each acc
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Mr. Wilson invested money in two accounts. His total investment was $20,000. If one account pays 7% in interest and the other pays 3% in interest, how much does he have in each acc
Log On
Question 862522: Mr. Wilson invested money in two accounts. His total investment was $20,000. If one account pays 7% in interest and the other pays 3% in interest, how much does he have in each account if he earned a total of $1,240 in interest in 1 year?
He invested $______ in the 7% account and $______ in the 3% account.
You can put this solution on YOUR website! Part I 7.00% per annum ------------- Amount invested =x
Part II 3.00% per annum ------------ Amount invested = y
20000
Interest----- 1240.00
Part I 7.00% per annum ---x
Part II 3.00% per annum ---y
Total investment
x + 1 y= 20000 -------------1
Interest on both investments
7.00% x + 3.00% y= 1240
Multiply by 100
7 x + 3 y= 124000.00 --------2
Multiply (1) by -7
we get
-7 x -7 y= -140000.00
Add this to (2)
0 x -4 y= -16000
divide by -4
y = 4000
Part I 7.00% $ 16000
Part II 3.00% $ 4000
