SOLUTION: Monico invests a total of $24,000 in two accounts paying 11% and 3% annual interest, respectively. How much was invested in each account if, after one year, the total interest was
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Question 991359: Monico invests a total of $24,000 in two accounts paying 11% and 3% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $1,520.00. Answer by macston(5194) (Show Source):
You can put this solution on YOUR website! .
T=amount at 3%; E=amount at 11%
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T+E=$24000
T=$24000-E
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0.03T+0.11E=$1520
0.03($24000-E)+0.11E=$1520
$720-0.03E+0.11E=$1520
0.08E=$800
E=$10000
ANSWER 1: $10000 was invested at 11%.
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T=$24000-E=$24000-$10000=$14000
ANSWER 2: $14000 was invested at 3%.
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CHECK:
0.03T+0.11E=$1520
0.03($14000)+0.11($10000)=$1520
$420+$1100=$1520
$1520=$1520
