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You wish to invest 1700 over one year in two accounts paying 5 percent and 6 percent annually How much should you invest in each to earn 93?
Wiki User
∙ 13y ago
here is where we will use a variable to solve our situation.
The unknown quantities are the two amounts we are investing in each account.
So lets call them x and y. We know that if we have x amount of dollars in one account, we will have 1700 minus x in the other. so we can throw away y and call it (1700-x). Now we don't know what x * 0.05 = and we don't know what (1700-x) * 0.06 = . But we do know that if we add them together we will get 93.
So we can say that x * 0.05 + (1700-x) * 0.06 = 93.
Solving for x we get => 0.05x + 1700*0.06 -0.06x =
=> -0.01x = -9
=> x = $900
and the other amount therefore would be 1700-900 or $800
So lets try it $900 * 0.05 + $800 * 0.06 =
=$45 + $48
=$93
Wiki User
∙ 13y ago
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