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You invested $23,000 in two accounts paying 8% and 9% annual interest, respectively. If the total interest earned for the year was
$2040, how much was invested at each rate?
The amount invested at 8% is $
The amount invested at 9% is
Enter your answer in each of the answer hoxes

Answer 1

x + y = 23000

x.08 + y.09 = 2040

x = 23000 - y

(23000 - y) .08 + y.09 = 2040

1840 - .08y + .09y = 2040

Simplify

.01y = 200

Simplify

Y = 20000

X + 20000 = 23000

X = 3000

CHECK: .08x + .09(20000) = 2040

.08x + 1800 = 2040

Simply .08x = 240

X = 3000