Wanda divided $12,400 between a savings account and mutual fund. The savings account paid 4% interest and the mutual fund paid 8% in interest. If she earned a total of $896 in interest, how was her money spilt between the two accounts?

Solution:

Saving:x

mutual fund: 12400-x

So

4%*x+8%(12400-x)=896

x=2400

So

Saving:$2400

mutual fund: $10,000