Last year, Juan had $30,000 to invest. He invested some of it in an account that paid 7% simple interest per year, and he invest

Question

4 years ago

7

Last year, Juan had $30,000 to invest. He invested some of it in an account that paid 7% simple interest per year, and he invest

ed the rest in an account that paid 9% simple interest per year. After one year, he received a total of $2320 in interest. How much did he invest in each account?

Mathematics

1 answer:

Delicious77 [7] · Answer 1 · 2021-12-20T16:40:33+03:00

Let x be the amount invested at 7%, leaving 30000-x to be invested at 9%.

The equation is

2320 = 0.07 x + 0.09 (30000 - x)

2320 = -0.02 x + .09(30000)

0.02 x = .09(30000) - 2320

x = ( .09(30000) - 2320) / .02

x = 19000

Answer: $19000 at 7%, $11000 at 9%

Check:

19000(.07)+11000(.09) = 2320, good