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Mr.Pickle invested $13,000 in two accounts, one yielding 6% interest and the other...

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monique06 | Valedictorian

Posted May 22, 2013 at 5:53 PM via web

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Mr.Pickle invested $13,000 in two accounts, one yielding 6% interest and the other yielding 11%. If he received a total of $1,130 in interest at the end of the year, how much did he invest in each account with 6% ____ and 11%____?

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crmhaske | College Teacher | (Level 3) Associate Educator

Posted May 22, 2013 at 6:02 PM (Answer #1)

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Let x = the amount invested in account 1
Let y= the amount invested in account 2

Interest x = 0.06x

Interest y = 0.11y

`0.06x+0.11y=1130` and `x + y = 13000`

With two equations and two unknowns we can solve for x and y.  We will use the substitution method to do so:

`y = 13000 - x`

`0.06x+0.11(13000-x)=1130`

`0.06x+1430-0.11x=1130`

`0.06x-0.11x=1130-1430`

`-0.05x=-300-gtx=-300/-0.05=6000`

Substitute the value for x into the equation for y:

`y=13000-6000=7000`

Therefore, Mr. Pickle invested $6000 at 6% interest and $7000 at 11% interest.

 

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