SOLUTION: Susan invested $12,350, part at 7% simple interest and part at 6% simple interest for a period of 1 year. How much was invested at each rate if each account earned the same interes
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Question 924008: Susan invested $12,350, part at 7% simple interest and part at 6% simple interest for a period of 1 year. How much was invested at each rate if each account earned the same interest? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! x+y=12350
7/100*x=6/100*y
0.07*x=0.06*y
x+y=12350
We substitute for x
0.07*(12350-y)=0.06*y
We multiply out
0.07*12350-0.07y=0.06*y
We combine like terms.
8645=1.3*y
Isolate y
y=6650 at 6%
Calculate x
x+y=12350
x=5700 at 7%
Now,we know the total invested is: 12350
Total invested $5700+$6650=$12350
We check
0.07*5700=0.06*6650
399=399
ok
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