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Mark deposited $9,000 into two saving accounts bearing simple interest. One of the accounts has an interest rate of 8% while the other rate is 7%. If the total interest earned after one year is $700, find the amount deposited into each of the accounts

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  1. 7 May, 09:54
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    0.07x+0.08 (9000-x) = 700

    Solve for x

    0.07x+720-0.08x=700

    0.07x-0.08x=700-720

    -0.01x=-20

    X=20:0.01

    X=2,000 invested at 7%

    9000-2000=7000 invested at 8%
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