Problema Solution
You invested $7000 in two accounts paying 8% and 6% annual interest, respectively. If the total interest earned for the year was $454, how much was invested at each rate?
Answer provided by our tutors
let
x = the money invested at 8% annual interest
y = the money invested at 6% annual interest
You invested $7000 in two accounts
x + y = 7000
the total interest earned for the year was $454
0.08x + 0.06y = 454
by solving the system of equations
x + y = 7000
0.08x + 0.06y = 454
we find
x = $1,700
y = $5,300
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$1,700 invested at a 8% annual interest.
$5,300 invested at a 6% annual interest.