SOLUTION: You invested $7000 in two accounts paying 6% and 7% annual interest, respectively. If the total interest earned for the year was $471, how much was invested at each rate?
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-> SOLUTION: You invested $7000 in two accounts paying 6% and 7% annual interest, respectively. If the total interest earned for the year was $471, how much was invested at each rate?
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Question 990896: You invested $7000 in two accounts paying 6% and 7% annual interest, respectively. If the total interest earned for the year was $471, how much was invested at each rate?
(Part 1: Let x denote the amount of money invested at 6%. Find an expression in terms of x for the amount invested at 7%.)????????????
You can put this solution on YOUR website! let x be the amount of money invested at 6% and y be amount of money invested at 7%, then
x + y = 7000
.06x +.07y = 471
solve first equation for x
x = 7000 - y
now substitute for x in second equation
.06(7000 - y) + .07y = 471
420 - .06y + .07y = 471
.01y = 51
y = 5100 and
x = 7000 - 5100 = 1900
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$1900 was invested at 6% and $5100 was invested at 7%
solve equation 1 for y
y = 7000 - x
