Problema Solution
A person invests $15,000 in two accounts paying 9.5% and 6.5% per year, respectively. After one year, the part invested at 6.5% earned $15 more than the part invested at 9.5%. How much money was invested into each account?
Answer provided by our tutors
Let 'x' represent the money invested at 6.5% and 'y' represent the money invested at 9.5%.
x + y = 15,000
0.065x = 15 + 0.095y
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click here to see the system of equations solved for x and y
........
x = $9,000
y = $6,000
There were $9,000 invested at 6.5% and $6,000 invested at 9.5%.