Had $10,000 to invest. invested in account 10% (simple interest) per year, the rest invested in account that paid 7% (simple interest) per year, after 1 year...

Question

Last year, Lucy had $10,000

to invest. She invested some of it in an account that paid 10%

simple interest per year, and she invested the rest in an account that paid 7%

simple interest per year. After one year, she received a total of $880

in interest. How much did she invest in each account?

Answer 1

880 = .1x + .07(10000-x)

 

      = .1x + 700 -.07x

 

     =  .03x + 700

 

180 = .03x

 

6000 = x

 

880 = .1(6000) + .07(10000-6000)

 

6000 @ 10%, 4000 @ 70%.