You invested $11,000 in two accounts paying 6% and 7% annual interest. If the total interest earned for the year was $730, how much was invested at each rate?

Question

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Answer 1

X+y = 11000

0.06X + 0.07y = 730

y = 11000 - x

6x + 7y = 73000

6x + 7 (11000-x) = 73000

6x + 77000 - 7x = 73000

-x = -4000

x = 4000

4000 and 7000