You received an inheritance of $40,000 from a beloved uncle. With inflation so high, you decided that rather than save the inheritance, you are going to invest it. You were given two interest bearing accounts to invest in. One yields 7% simple interest and other pays 6.5%. You expect earn $2,640 in interest in total from both accounts in the first year. How much should you invest in each account?

Name: Solved: You received an inheritance of $40,000 from a beloved uncle. With inflation so high, you decided that rather than save the inheritance, you are going to invest it. You were given two interest bearing accounts to invest in. One yields 7% simple interest and other pays 6.5%. You expect earn $2,640 in interest in total from both accounts in the first year. How much should you invest in each account? - MathMaster
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Answer to a math question You received an inheritance of $40,000 from a beloved uncle. With inflation so high, you decided that rather than save the inheritance, you are going to invest it. You were given two interest bearing accounts to invest in. One yields 7% simple interest and other pays 6.5%. You expect earn $2,640 in interest in total from both accounts in the first year. How much should you invest in each account?

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Jon

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99 Answers

\begin{cases} x + y = 40,000 \ 0.07x + 0.065y = 2,640 \end{cases}

Express

in terms of

y = 40,000 - x

Substitute

y = 40,000 - x

into the second equation:

0.07x + 0.065(40,000 - x) = 2,640

0.07x + 2,600 - 0.065x = 2,640

0.005x = 40

x = \frac{40}{0.005} = 8,000

Substitute the value of

back into

y = 40,000 - x

y = 40,000 - 8,000 = 32,000

\textbf{Answer:}32000

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