Problema Solution
A total of Php 30,000 is deposited. Two accounts with equal amount in 5% and 7%, and the remaining amount in a 9% account. After two years, the total interest is Php 4,920. How much was deposited in each account?
Answer provided by our tutors
let
x = the amount deposited in each of the two accounts
y = the amount deposited in the 9% account
a total of Php 30,000 is deposited:
2x + y = 30,000
after two years, the total interest is Php 4,920:
2(0.05x + 0.07x + 0.09y) = 4920 divide both sides by 2
0.05x + 0.07x + 0.09y = 2460
by solving the system of equations:
2x + y = 30000
0.05x + 0.07x + 0.09y = 2460
we find:
x = $4,000
y = $22,000
click here to see the step by step solution of the system of equations:
$4,000 were deposited in each of the 5% and 7% accounts
$22,000 were deposited in the 9% account.