Question
Asked Sep 22, 2019
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Two investments earn an annual income of $853. One investment earns an annual simple interest rate of 7.3%, and the other investment earns an annual simple interest rate of 10.1%. The total amount invested is $9,000. How much is invested in each account?

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Expert Answer

Step 1

Given,

Total investment = $9,000

Income required per year = $853

Step 2

Let the amount invested @ 7.3 % be a.

Let the amount invested @ 10.1 % be b.

Step 3

According to the ...

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(1) ab 9000 ..2) 0.073a0.101b 853

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