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Okay, this word problem has 4 different solutions. I found the first two, but I cannot figure out how to find the last two solutions. Here is the info:

Bob has investments totaling $11,000 in two accounts. One account is a savings account paying 6% interest and the other is a bond paying 9%. If the annual interest from the two investments was $855:

(and the questions)

1. How much did he have invested at the 6% rate?
A = $4500
2. How much did he have invested at the 9% rate?
A = $6500
3. How much interest did the 6% account earn?
A = ?
4. How much interest did the 9% account earn?
A = ?

Here is my work:

x = 6% investment & y = 9% investment

x + y = 11000
(subtract x from both sides)
y = 11000 - x

.06x + .09y = 855

.06x + .09(11000 - x) = 855
.06x + 990 - .09x = 855
-.03x + 990 = 855
- 990 -990
-.03x = -135
(divide both sides by -.03)
x = 4500

Please help me with the other two! Thanks in advance. ^.~

2006-12-17 15:39:02 · 3 answers · asked by glitteringfairywings 2 in Education & Reference Homework Help

This is just Algebra, pure and simple. This question is theoretical... I didn't finish the "job" because I don't know how to.... That is why I'm posting on here in the first place. I do not know how to find the answers for 3 & 4. If anyone else can help out, please do! Thanks again :)

2006-12-17 15:55:54 · update #1

Thank you David, for giving me an answer I can actually work with ^.~

2006-12-17 16:16:29 · update #2

3 answers

It's just straight interest. A=Prt Your principal amount for the first one is 4500 and you know the interest rate on that amount is 6% or .06. The only thing left is t or time. The question says annual which means 1 year. Therefore, your equation will be
A=(4500)*(.06)*(1)
Do the same for the second Principal and interest rate. Check your answers by adding the two sums and see if they match the interest total given in the problem.

2006-12-17 16:04:57 · answer #1 · answered by David L 1 · 0 0

David L has the right idea. Here's the work-through of his equation: We know the 6% account began with $4500. So, doing as David indicates, 4500 x 0.06 = 270. The same with the other portion, 6500 x 0.09 = 585. To double check our work, 270 + 585 = 855, so we know our answers make sense. Had the problem asked, "...how much interest in so many years..." then, you would just make (t) = the number of years asked for. Here, you gave, and David astutely saw, annual return... so (t) was 1 in this case.

2006-12-18 00:49:34 · answer #2 · answered by author_observer 4 · 0 0

what ar eyou dealing with ?
finance?
interest question?
Business math?
or accounting ...?
your fruts one is correct...
i just checked it ....
if your first one was correct..w hy dont you continue doing a good job?

2006-12-17 23:43:25 · answer #3 · answered by yhp 2 · 0 0

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