SOLUTION: Larry MItchell invested part of his $17,000 advance at 6% annual simple interest and the rest at 9% annal simple interest. If his total yearly interest from both accounts was $1,23

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Question 903849: Larry MItchell invested part of his $17,000 advance at 6% annual simple interest and the rest at 9% annal simple interest. If his total yearly interest from both accounts was $1,230, find the amount invested at each rate.
Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
We know the total amount of money invested. $17000
x+y=17000,
We know that the total interest for the year for the two accounts is $1230
0.06*x+0.09*y=1230
x=17000-y
We substitute for x
0.06*(17000-y)+0.09*y=1230
We multiply out
1020-0.06y+0.09*y=1230
We combine like terms.
0.03*y=210
Isolate y
y=7000 at 9%
x=17000-y
Calculate x
x=10000 at 6%
We check
0.06*10000+0.09*7000=1230
600+630=1230
1230=1230
Since this statement is TRUE and neither amount is negative then it is ok