SOLUTION: Larry Mitchell invested part of his $19000 advance at 8% annual simple interest and the rest at 4% annual simple interest. If his total yearly interest from both accounts was $1440
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Question 910824: Larry Mitchell invested part of his $19000 advance at 8% annual simple interest and the rest at 4% annual simple interest. If his total yearly interest from both accounts was $1440, find the amount invested at each rate? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! Total amount of money invested: $19000
x+y=19000,
Total yearly interest for the two accounts is: $1440
0.08*x+0.04*y=1440
x=19000-y
Substitute for x
0.08*(19000-y)+0.04*y=1440
Multiply out
1520-0.08*y+0.04*y=1440
Combine like terms.
-0.04*y=-80
Isolate y
y=$ 2000.00 at 4%
x=19000-y
Calculate x
x=$ 17000.00 at 8%
Check
0.08*17000+0.04*2000=1440
1360+80=1440
1440=1440
If this statement is TRUE and neither x nor y is negative then all is well
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