Problema Solution
Tyler has two savings accounts that his grandparents opened for him. One of the accounts pay 7% annual interest, whereas the other pays 9% annual interest. If you have $700 more invested at 9% than you invested at 7%, how much do you have invested in each account if the total amount of interest you earn in a year is $111?
Answer provided by our tutors
let
x = the money invested in account that pays 7% annual interest
y = the money invested in account that pays 9% annual interest
you have $700 more invested at 9% than you invested at 7%
y = x + 700
the total amount of interest you earn in a year is $111
0.07x + 0.09y = 111
by solving the system of equations
y = x + 700
0.07x + 0.09y = 111
we find
x = $300
y = $1000
click here to see the step by step solution of the system of equations
300$ are invested at the 7% annual interest account.
1000$ are invested at the 9% annual interest account.