Problema Solution
You invested $11,000 in two accounts paying 5% and 8% annual interest. If the total interest earned for year was $73, how much was invested at each rate?
Answer provided by our tutors
let
x = the money invested in the account paying 5% annual interest
y = the money invested in the account paying 8% annual interest
you invested $11,000 in two accounts paying 5% and 8% annual interest
x + y = 11000
the total interest earned for year was $73
0.05x + 0.08y = 73
by solving the system of equations
x + y = 11000
0.05x + 0.08y = 73
we get
x = 26,900
y = - 15,900
click here to see the step by step solution of the system of equations
since the total money is $11,000 and the result we got for x = 26,900 is bigger then 11,000 while the result for y = - 15,900 < 0 this problem has no solutions.
It is impossible to invest $11,000 in two accounts paying 5% and 8% annual interest and earn total interest earned of $73 for year.