SOLUTION: A total investment of $9,700is made into two savings accounts. One account yields 8% simple interest and the other 10% simple interest. He earns a total of $934.00interest for the
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Question 892456: A total investment of $9,700is made into two savings accounts. One account yields 8% simple interest and the other 10% simple interest. He earns a total of $934.00interest for the year. How much was invested in the 8% account? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! A total investment of $9,700is made into two savings accounts. One account yields 8% simple interest and the other 10% simple interest. He earns a total of $934.00interest for the year. How much was invested in the 8% account?
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Equations:
Quantity:: e + t = 9700
Interest::8e + 10t = 93400
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Modify::
4e + 4t = 38800
4e + 5t = 46700
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Sutract and solve for "t":
t = $7900 (amt. invested at 10%)
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e = 9700 - 7900 = $1800 (amt. invested at 8%)
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Cheers,
Stan H.
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