Forum Thread: Investment Problem Please Help!

Blake Had a Total of $3400 to Invest in Two Accounts. One Account Earns 6% Simple Interest, and the Other Account Earns 8% Simple Interest. How Much Should Be Invested in Both Accounts to Earn Exactly $234 at the End of 1 Year?

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3 Responses

2100 in the one with 6% int. and 1300 in the other.
The solution i have is pretty messy, do u need it?

$1900 @ 6% returning $114
$1500 @ 8% returning $120
The equation:
(1+0.06)x+(1+0.08)($3400-x)=$3400+$234

6% X + 8% Y = 234 -------- 1
X +Y = 3400 ------------------- 2
Dividing 1 by 6% will get
X + 4/3 Y = 3900 ----------- 3
Subtracting 3 - 2 will get
1/3 Y = 500 So Y = 1500
From 2 X = 1900
6% ( 1900 ) + 8% ( 1500 ) = 114 + 120 = 234 $

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