Math 0098


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?

asked by Jazz
  1. Do you have numbers for this problem?

    posted by JJ

  2. 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).

    posted by Jazz
  3. 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.

    posted by JJ
  4. where did you get .08 from?

    posted by Jazz
  5. Sorry.. the .08 is a typo. It should be .09

    Which makes the equation 7x + 9y = 86000

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

    posted by Jazz
  7. I don't think I'm doing this right because i am getting HUGE numbers like 156,000

    posted by Jazz
  8. -7x -7y =70000
    7x + 9y =86000

    2y = 156000

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

    posted by JJ

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