##### A total investment of \$9,500 is made into two savings accounts.

 Algebra Tutor: None Selected Time limit: 1 Day

A total investment of \$9,500 is made into two savings accounts. One account yields 9% simple interest and the other 10% simple interest. He earns a total of \$921.00 interest for the year. How much was invested in the 9% account?

Jul 29th, 2014

I solved this then the webpage crashed :(   I had a longer response that was very detailed...but I will shorten and post it here. This is correct. I'm confident. Let me know if you have any question on any step.

Here it is again.

We know that I=PRT
Itotal=P1R1T1+P2R2T2

plug in values.

921=.09P1+.1P2 (Eqn 1)

9500=P1+P2

Now we need P1 eventually, so solve for P2 in Eqn 2 and substitute into Eqn 1.

921=.09P1 + .1 (9500-P1)

921=.09P1 + 950 - .1P1

-29 = .01 P1

P1= \$2900

Jul 29th, 2014

...
Jul 29th, 2014
...
Jul 29th, 2014
May 26th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer