Math 0098

posted by .

Last year, Joe had to invest. He invested some of it in an account that paid simple interest per year, and he invested the rest in an account that paid simple interest per year. After one year, he received a total of in interest. How much did he invest in each account?

  • Math 0098 -

    Do you have numbers for this problem?

  • Math 0098 -

    Last year, Joe had 10,000 to invest. He invested some of it in an account that paid 7% simple interest per year, and he invested the rest in an account that paid 9% simple interest per year. After one year, he received a total of $860 in interest. How much did he invest in each account?




    (sorry bout that).

  • Math 0098 -

    x = amount in the first account
    y = amount in the second account.

    total invested:

    x + y = 10,000

    since Interest = Principles times rate times time.

    .07x + .08y = 860

    Now, you work with those two equations.

    I would multiply the bottom equation by 100 to get rid of the decimals.

    x + y = 10000
    7x + 8y = 86000

    Now, you can solve this by using the substitution method or the addition method.

    I probably would use the addition(also known as the elimination method.)
    Multiply the top equation by -7 and solve for y. Once you have y, you can find x. Then be sure to check x and y in both equations.

  • Math 0098 -

    where did you get .08 from?

  • Math 0098 -

    Sorry.. the .08 is a typo. It should be .09

    Which makes the equation 7x + 9y = 86000

  • Math 0098 -

    it would be 7x+7y=70000? I don't know how to solve the two equations

  • Math 0098 -

    I don't think I'm doing this right because i am getting HUGE numbers like 156,000

  • Math 0098 -

    -7x -7y =70000
    7x + 9y =86000

    2y = 156000

    divide by 2 and you get 7800 for y
    so the other amount must be 2200.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. algebra

    Last year, Susan had 30,000 to invest. She invested some of it in an account that paid 8% simple interest per year, and she invested the rest in an account that paid 7% simple interest per year. After one year, she received a total …
  2. Math 0098

    Last year, Deon had $20,000 to invest. He invested some of it in an account that paid 6% simple interest per year, and he invested the rest in an account that paid 10% simple interest per year. After one year, he received a total of …
  3. Last math problem help

    Mr. Jarvis invested a total of 10,437 in two savings accounts. One account earns 8% simple interest per year and the other earns 9% simple interest per year. Last year the two investments earned a total of $849.52 in interest. Write …
  4. Algebra

    Last year, Deon had $10,000 to invest. He invested some of it in an account that paid 6%simple interest per year, and he invested the rest in an account that paid 9% simple interest per year. After one year, he received a total of …
  5. Simple Interest

    Last year, Ivan had $20,000 to invest. He invested some of it in an acount that paid 9% simple interest per year, and he invested the rest in an account that paid 7% simple interest per year. After one year, he received a total of …
  6. Algebra

    Phyllis invested 67000 dollars, split between two different accounts. The money in the first account earns simple interest at the rate of 4 percent per year. The money in the second account earns simple interest at the rate of 6 percent …
  7. Math(simple interest)

    Mr.X invested a total of Rs.10,000 in three different accounts, the Accounts paid simple interest at an annual rate of 8%,9% and 7.5% respectively. Total interest earned for the year was Rs.845. The amount in the 9% account was twice …
  8. Algebra

    Chloe wants to invest a total of $39000 into 2 savings account, one paying 6% per year in interest and the other paying 9% per year in interest (a more risky investment). If after 1 year she wants the total interest from both accounts …
  9. Algebra

    last year, justin had 30,000 to invest. he invested some of it in an account that paid 5% simple interest per year, and he invested the rest in an account that paid 10% simple interest per year. After one year, he recieved a total …
  10. math

    Last year, Carmen had $20,000 to invest. She invested some of it in an account that paid 9% simple interest per year, and she invested the rest in an account that paid 5% simple interest per year. After one year, she received a total …

More Similar Questions