SOLUTION: Could you please help me solve this using the 6 steps to solve applied problems?Thank-you You invest $20,000 in two accounts paying 7% and 9% annual interest, respectively. If th

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Question 905717: Could you please help me solve this using the 6 steps to solve applied problems?Thank-you
You invest $20,000 in two accounts paying 7% and 9% annual interest, respectively. If the total interest earned for the year is $1550, how much was invested at each rate?
Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
Total amount of money invested: $20000
x+y=20000,
Total yearly interest for the two accounts is: $1550
0.07*x+0.09*y=1550
x=20000-y
Substitute for x
0.07*(20000-y)+0.09*y=1550
Multiply out
1400-0.07y+0.09*y=1550
Combine like terms.
0.02*y=150
Isolate y
y=$ 7500.00 at 9%
x=20000-y
Calculate x
x=$12500.00 at 7%
Check
0.07*12500+0.09*7500=1550
875+675=1550
1550=1550
If this statement is TRUE and neither amount is negative then all is well