Question

Bob invested $12,350, part at 7% interest and part at 6% interest. How much money was invested at the 7% rate if each account earned the same amount of interest money?​

Answer 1

$5,700 was invested in the 7% account

Explanation:

Let the amount invested in 7% interest account be x while the other account is y

Total amount invested is &12,350

Thus:

x + y = 12,350 ••••(i)

interest on 7% = 7% of x = 7/100 * x = 7x/100

Interest on 6% = 6% of y = 6/100 * y = 6y/100

Since both have same interest;

7x/100 = 6y/100

7x = 6y

y = 7x/6

Put this into equation i

x + 7x/6 = 12,350

Multiply through by 6

6x + 7x = 74,100

13x = 74,100

x = 74,100/13 = $5,700