Problema Solution
You invested $7000 in two accounts paying 4% and 9% annual interest, respectively. If the total interest earned for the year was $430, how much was invested at each rate?
Answer provided by our tutors
Let
x = the money invested at 4% annual interest
y = the money invested at 9% annual interest
You invested $7000 in two accounts:
x + y = 7000
The total interest earned for the year was $430:
0.04x + 0.09y = 430
We have the following system of equations:
x + y = 7000
0.04x + 0.09y = 430
........
click here to see the system of equations solved for x and y
........
x = $4,000
y = $3,000
$4,000 were invested at 4% annual interest.
$3,000 were invested at 9% annual interest.