Problema Solution
Suppose you invest $10,000 into two accounts. One pays 2% interest and the other 1%. You yield a total of $160 on your investment. How much was put into each account?
Answer provided by our tutors
let
x = the money put on the account that pays 2% interest
y = the money put on the account that pays 1% interest
suppose you invest $10,000 into two accounts:
x + y = 10,000
you yield a total of $160 on your investment:
0.02x + 0.01y = 160
by solving the system of equations:
x + y = 10000
0.02x + 0.01y = 160
we find:
x = $6,000
y = $4,000
click here to see the step by step solution of the system of equations:
$6,000 were put on the account that pays 2% and $4,000 on the account that pays 1%.