Roberto invested a total of $10,000, part at 6% and part at 9%. How much did he invest in the LOWER interest account if the total

Question

Roberto invested a total of $10,000, part at 6% and part at 9%. How much did he invest in the LOWER interest account if the total interest earned in one year was $810?

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Kim Cúc 1 month 2022-12-28T08:17:06+00:00 1 Answer 0 views 0

Answer ( 1 )

  1. The amount invested in the lower interest account of 6% is $3,000
    What is the interest on each account?
    The interest on each account can be determined as the amount invested in the account multiplied by the interest rate earned by the account
    Amount invested in the lower interest is X(assumed), as a result, the interest earned on the lower interest rate account is X multiplied by 6%
    interest on lower interest account=0.06X
    The balance remaining after having invested X in lower interest account is $10,000-X
    interest on higher interest account=9%*($10,000-X)
    interest on higher interest account=900-0.09X
    total interest=0.06X+900-0.09X
    total interest=$810
    810=0.06X+900-0.09X
    810=900-0.03X
    0.03X=900-810
    0.03X=90
    X=90/0.03
    X= LOWER interest account amount=$3,000
    Find about more about investment combination on:https://brainly.com/question/17448028
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