Question 912752: Bambi invests a total of $6,000 in two accounts. The first account collects 9% interest for four years and the second investment earns 7% interest for three years. Surprisingly, Bambi earns the same amount of interest from each account. To the nearest cent, how much interest did he collect?
Can you please help me.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Bambi invests a total of $6,000 in two accounts. The first account collects 9% interest for four years and the second investment earns 7% interest for three years. Surprisingly, Bambi earns the same amount of interest from each account. To the nearest cent, how much interest did he collect?
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Interest = Interest
4*0.09x = 3*0.07(6000-x)
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0.36x = 0.21*6000 - 0.21x
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0.57x = 1260
x = $2210.53 (amt invested at 9%)
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6000-x = 6000-2210.53 = $3789.47 (amt invested 7%)
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Cheers,
Stan H.
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