Question 1118658
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The algebraic solution shown by the other tutor is fine.<br>
But if an algebraic solution is not required, there is a much easier and faster way to solve a problem like this.<br>
If all the money is placed in the account that pays 7% interest, the interest for the year would be $700; if all is placed in the account that pays 8% interest, the interest for the year would be $800.<br>
The ratio in which the money is split between the two investments is exactly related to where the actual interest of $710 lies between those two figures of $700 and $800.<br>
Specifically, here is all you need to do to find the solution from here:<br>
$710 is 1/10 of the way from $700 to $800; that means 1/10 of the money is invested at the higher rate.<br>
1/10 of $10,000 is $1000; so $1000 at 8% and the other $9000 at 7%.