how do I solve this problem: (1/12)x+(1/9)(2/3x+500)=1000
You invested a sum of money in a bank certificate yielding an annual return of one-twelfth of the sum invested. A second sum of money invest in a credit union certificate yields an annual return of one-ninth of the sum invested. The credit union investment is $500 more than two-thirds of the bank investment and the total annual return is $1000. What is the sum of money you invested in the credit union certificate.
The believe the equation to be: (1/12)x+(1/9)(2/3x+500)=1000 but I am not sure. Can you please show me step by step instructions on how to solve the equation so that I know I am on the correct path? Thank you.