You have $2500 to invest in two different accounts. In order to save the money you need for college, you need to average 7% interest. If the two accounts pay 7.5% and 6% interest, how much should you invest in each account? Round to the nearest dollar amount.
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Answered by
5
A)$1667 in 7.5%, $833 in 6%
Step-by-step explanation:
Let amount of money invested 6% account = x
Let amount of money invested 7.5% account = y
Then we get equations:
x+y=2500
or x=2500-y ...(i)
6% of x+7.5% of y=7% of (2500)
or 0.06x+0.075y=0.07(2500)
or 60x+75y=175000...(ii)
plug (i) into (ii)
60x+75y=175000
60(2500-y)+75y=175000
150000-60y+75y=175000
-60y+75y=175000-150000
15y=25000
y=$1666.66666667
or y=1667
plug into (i)
x=2500-y=2500-1667=833
Hence final answer is A)$1667 in 7.5%, $833 in 6%
Answered by
2
Answer:
your answer is A)$1667 in 7.5% , $833 in 6%.
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