Question

Sullivan received $900 in gift money from his godfather. He wants to invest it into high interest-bearing accounts so he places some of the money in an account earning 7% simple interest and the rest in an account earning 8.5% simple interest. At the end of one year, he earned $73.50 in interest. How much did Sullivan invest in each account? He invested $ at 7% simple interest. He invested $ at 8.5% simple interest.

Name: sullivan received 900 in gift money from his godfather he wants to invest it into high interest bearing accounts so he places some of the money in an account earning 7 simple interest and th 39578
Uploaded: 2022-02-24T20:21:41-08:00
Duration: 3 min 17 s
Channel: Colleen Sisinni
Description: sullivan received 900 in gift money from his godfather he wants to invest it into high interest bearing accounts so he places some of the money in an account earning 7 simple interest and th 39578

          Sullivan received $900 in gift money from his godfather. He wants to invest it into high interest-bearing accounts so he places some of the money in an account earning 7% simple interest and the rest in an account earning 8.5% simple interest. At the end of one year, he earned $73.50 in interest. How much did Sullivan invest in each account?

He invested $ at 7% simple interest.
He invested $ at 8.5% simple interest.

sullivan received 900 in gift money from his godfather he wants to invest it into high interest bearing accounts so he places some of the money in an account earning 7 simple interest and th 39578

Added by Donna C.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Colleen Sisinni

02/24/2022

Step 1

Let $y$ be the amount invested at 8.5% simple interest. Step 2: We are given that the total amount of money Sullivan received is $900. So, we can write the first equation: $x + y = 900$ Step 3: We are given that the total interest earned at the end of one year Show more…

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Sullivan received $900 in gift money from his godfather. He wants to invest it into high interest-bearing accounts so he places some of the money in an account earning 7% simple interest and the rest in an account earning 8.5% simple interest. At the end of one year, he earned $73.50 in interest. How much did Sullivan invest in each account? He invested $ at 7% simple interest. He invested $ at 8.5% simple interest.