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

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Question 862539: 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.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi, Previously Posted

.07x + .03($20000-x) = $1240

               x = $640/.04 = $16,000 at 7% and $4000 at 3%