Question 991409: Juanita has $24,000 to invest in two accounts that pay simple interest on an annual basis. One account pays 5% in simple interest, and the other pays 4% simple interest. How much would she have to invest in each account to earn a total interest of $1,130 after one year?
Answer by lwsshak3(11628)   (Show Source):
You can put this solution on YOUR website! Juanita has $24,000 to invest in two accounts that pay simple interest on an annual basis. One account pays 5% in simple interest, and the other pays 4% simple interest. How much would she have to invest in each account to earn a total interest of $1,130 after one year?
let x=amt invested in 5% account
24000-x=amt invested in 4% account
.05x+.04(24000-x)=1130
.05x+960-.04x=1130
.01x=170
x=17000
24000-17000=7000
amt invested in 5% account=$17000
amt invested in 4% account=$7000
|
|
|
