SOLUTION: A total of $18,000 is invested in two simple intrest accounts. On one of the accounts the annual simple intrest rate is 6.4%, and on the 2nd account the simple intrest rate is 5%.
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Question 98975: A total of $18,000 is invested in two simple intrest accounts. On one of the accounts the annual simple intrest rate is 6.4%, and on the 2nd account the simple intrest rate is 5%. The amount of intrest earned for 1 year was $1103. How much is invested in each account. Answer by checkley71(8403) (Show Source):
You can put this solution on YOUR website! .064x+.05(18000-x)=1103
.064x+900-.05x=1103
.014x=1103-900
.014x=203
x=203/.014
x=14500 amount of money invested @ 6.5%
18000-14500=3500 invested @ 5%.
proof
14500*.064+3500*.05=1103
928+175=1103
1103=1103
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