Problema Solution
Raul invests $1500 into two savings accounts, one earning 4% annual interest and the other earning 6% annual interest. At the end of one year, Raul has earned $72 in interest. How much did he invest at each rate.
Answer provided by our tutors
let
x = the money invested at 4% annual interest
y = the money invested at 6% annual interest
Raul invests $1500 into two savings accounts
x + y = 1500
At the end of one year, Raul has earned $72 in interest
0.04x + 0.06y = 72
by solving the system of equations
x + y = 1500
0.04x + 0.06y = 72
we find
x = $900
y = $600
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Raul invested $900 at 4% and $600 at 6% interest rate.