Juan has $20,000 to invest. He invests some of it in an account that paid 6% annual interest, and he invested the rest in an account that paid 5% annual interest. After one year, he received a total of $1,080 in interest. How much did he invest in each account? (Clearly label which amount is for which account in your answer. Hint: Over a one year period, annual interest is the same as simple interest.)

Juan has $20,000 to invest. He invests some of it in an account that paid 6% annual interest, and he invested the rest in an account that paid 5% annual interest. After one year, he received a total of $1,080 in interest. How much did he invest in each account? (Clearly label which amount is for which account in your answer. Hint: Over a one year period, annual interest is the same as simple interest.)

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter2: Equations And Inequalities

Section2.3: Models And Applications

Problem 23SE: Paul has $20,000 to invest. His intent is to earn11% interest on his investment. He can invest part...

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