Harry has $4000 invested in two savings accounts. One account earns 6% interest per year, and the other pays 7% per year. If his total interest for the year is $264, how much is invested at 7%? @heather040200

Question

anonymous · Answer

Let x = the amount invested at 7% and 4,000 - x = the amount invested at 6%. The interest for both account = 264, so you can write the formula:

 0.07x + [0.06 (4,000 - x)] = 264
 Now just solve for x 
 x = $2,400