Problema Solution
Ms. Jones invested $18,000 in two accounts. One account pays 6% simple interest and the other pays 8%. Her total interest for the year was $1,290. How much did she have in each account?
Answer provided by our tutors
let
x = the money invested in the 6% account
y = the money invested in the 8% account
Ms. Jones invested $18,000 in two accounts:
x + y = 18,000
Her total interest for the year was $1,290:
0.06x + 0.08y = 1290
by solving the system of equations:
x + y = 18000
0.06x + 0.08y = 1290
we find:
x = $7,500
y = $10,500
click here to see the step by step solution of the system of equations:
Ms. Jones had $7,500 in the 6% account and $10,500 in the 8% account.