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?
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%.
