Question 54273
If I invest $18,750 in two different accounts and one account earns 12% interest and the other earns 10% interest, and at the end of the year have a total $20,867 (original amount + interest), how much did I invest in each account?
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Let amount invested at 12% be "x".
Interest on this money is 0.12x.
Amount invested at 10% is "18750-x"
Interest on this money is 0.10(18750-x)=1875-0.1x
EQUATION:
interest + interest = 20,867-18750
0.12x +1875-0.1x = 2117
o.02x= 242
x=$12,110 (Amount invested at 12%)
18750-x= $6640 (Amount invested at 10%)
Chers,
Stan H.