SOLUTION: Andrew invests $8000 in two types of accounts: a savings account that pays 5.25% interest per year and a more risky account that pays 9% interest per year. At the end of the year
Algebra ->
Customizable Word Problem Solvers
-> Numbers
-> SOLUTION: Andrew invests $8000 in two types of accounts: a savings account that pays 5.25% interest per year and a more risky account that pays 9% interest per year. At the end of the year
Log On
Question 988742: Andrew invests $8000 in two types of accounts: a savings account that pays 5.25% interest per year and a more risky account that pays 9% interest per year. At the end of the year he has $450 in interest from the two accounts. Find the amount of money invested in each account Answer by macston(5194) (Show Source):
You can put this solution on YOUR website! .
F=amount at 5.25%; N=amount at 9%
.
F+N=$8000
N=$8000-F
.
0.0525F+0.09N=$450
0.0525F+0.09($8000-F)=$450
0.0525F+$720-0.09F=$450
-0.0375F=-$270
F=$7200 ANSWER 1: $7200 was invested at 5.25%.
N=$8000-$7200=$800 ANSWER 2: $800 was invested at 9%.
.
CHECK:
0.0525F+0.09N=$450
0.0525($7200)+0.09($800)=$450
$378+$72=$450
$450=$450
