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An engineer invested a portion of $15,000 in a 7% annual simple interest account and the remainder in a 6.5% annual simple interest government bond. The amount of interest earned for one year was $1020. How much was invested in each account?

 Feb 22, 2020
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An engineer invested a portion of $15,000 in a 7% annual simple interest account and the remainder in a 6.5% annual simple interest government bond. The amount of interest earned for one year was $1020. How much was invested in each account?

 

Let the amount invested @ 7% =M

The amount invested @ 6.5%   =$15,000 - M

 

0.07M + 0.065[15000 - M] =1020, solve for M

M = $9,000 invested @ 7%

$15,000 - $9,000 =$6,000 invested @ 6.5%.

 Feb 22, 2020

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