SOLUTION: Last year, Jim had $20,000 to invest. He invested some of it in an account that paid 5% simple interest per year, and he invested the rest in an account that paid 10% s

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: Last year, Jim had $20,000 to invest. He invested some of it in an account that paid 5% simple interest per year, and he invested the rest in an account that paid 10% s      Log On


   

Question 991104: Last year, Jim had
$20,000
to invest. He invested some of it in an account that paid
5%
simple interest per year, and he invested the rest in an account that paid
10%
simple interest per year. After one year, he received a total of
$1850
in interest. How much did he invest in each account?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!


A person has currency units invested in 2 accounts.

One account earns percent interest, and the other account earns percent interest.

The two accounts earn a total of interest in one year.

How much is invested in each account?

Let be the amount invested at percent. Then the amount invested at percent is , and:



Solve for , then calculate

John

My calculator said it, I believe it, that settles it