Bob invested $12,350, part at 7% interest and part at 6% interest. How much money was invested at the 7% rate if each account ea
rned the same amount of interest money?
1 answer:
Answer:
$5,700 was invested in the 7% account
Step-by-step explanation:
Let the amount invested in 7% interest account be x while the other account is y
Total amount invested is &12,350
Thus:
x + y = 12,350 ••••(i)
interest on 7% = 7% of x = 7/100 * x = 7x/100
Interest on 6% = 6% of y = 6/100 * y = 6y/100
Since both have same interest;
7x/100 = 6y/100
7x = 6y
y = 7x/6
Put this into equation i
x + 7x/6 = 12,350
Multiply through by 6
6x + 7x = 74,100
13x = 74,100
x = 74,100/13 = $5,700
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