SOLUTION: Larry Mitchell invested part of his 22,000 advance at 4% annual simple interest and the rest at annual simple interest. If his total yearly interest from both accounts was 810, fin
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Question 954181: Larry Mitchell invested part of his 22,000 advance at 4% annual simple interest and the rest at annual simple interest. If his total yearly interest from both accounts was 810, find the amount invested at each rate. Answer by macston(5194) (Show Source):
You can put this solution on YOUR website! Not enough info given: we know the second account pays less than the first, so let's use 2% as an example
F=amount at 4%; T=amount at 2%
F+T=22000
T=22000-F
0.04F+0.02T=810 Substitute for T
0.04F+0.02(22000-F)=810
0.04F+440-0.02F=810 Subtract 440 from each side.
0.02F=370 Divide each side by 0.02
F=18500 ANSWER 1: 18500 was invested at 4%.
T=22000-18500=3500 ANSWER 2: 3500 was invested at 2%.
CHECK:
0.04F+0.02T=810
0.04(18500)+0.02(3500)=810
740+70=810
810=810
