Problema Solution
David deposited $12,000 into two saving accounts bearing simple interest. One of the accounts has an interest rate of 7% while the other rate is 6%. If the total interest earned after one year is $800, find the amount deposited into each of the accounts.
Answer provided by our tutors
let david invested x in account 1 and y in account 2
x +y = 12,000
0.07x+ 0.06*y= 800
solving two eq
x = 8000
y = 4000