SOLUTION: Amelia's parents and grandparents have both opened savings accounts to save for Amelia's education. This year, Amelia's parents' savings account earned 5% interest and her grandpar

Question 179603: Amelia's parents and grandparents have both opened savings accounts to save for Amelia's education. This year, Amelia's parents' savings account earned 5% interest and her grandparent's account earned 8% interest. This year, the two savings accounts have earned a total of $460 in interest. At the beginning of the year, the two accounts were worth a total of $6500. Determine the current value of both saving accounts. Show all work necessary to justify your answer.
I am not sure how to break down this problem in order to get the answer. I realize it is two parts.
a+b=$460
x+y=$6960

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Amelia's parents and grandparents have both opened savings accounts to save for Amelia's education. This year, Amelia's parents' savings account earned 5% interest and her grandparent's account earned 8% interest. This year, the two savings accounts have earned a total of $460 in interest. At the beginning of the year, the two accounts were worth a total of $6500. Determine the current value of both saving accounts. Show all work necessary to justify your answer.
--------------------
Equation:
interext + interest = interest
Amelia's parents and grandparents have both opened savings accounts to save for Amelia's education. This year, Amelia's parents' savings account earned 5% interest and her grandparent's account earned 8% interest. This year, the two savings accounts have earned a total of $460 in interest. At the beginning of the year, the two accounts were worth a total of $6500. Determine the current value of both saving accounts. Show all work necessary to justify your answer.
0.05x + 0.08(6500-x) = 460
Multiply thru by 100 to get:
5x + 8(6500-x) = 46000
-3x + 8*6500 = 46000
-3x = -6000
x = $2000 (amt. invested at 5%)
6500-2000 = $4500 (amt. invested at 8%)
=============================================
Cheers,
Stan H.
RELATED QUESTIONS
Sixteen year old Amelia is four times older than her brother Theodore. How old will... (answered by Theo,Alan3354,ikleyn,greenestamps)

�There are seven less than twice the marbles in Tim�s box as there are in Amelia�s box.... (answered by stanbon)

Going into the final exam which will count as two test, amelia has test scores of 77 86... (answered by richwmiller)

Going into the final exam, which will count as two tests, Amelia has test scores of 75,... (answered by ankor@dixie-net.com)

Question Help Going into the final exam, which will count as two tests, Amelia... (answered by ikleyn,greenestamps)

Amelia earned $40 for babysitting for 5 hours. The amount of money earned by Amelia while (answered by solver91311)

zul and amelia have a baby daughter, shanise. Zul is 23kg heavier than amelia. Who is... (answered by josmiceli)

John and Amelia have a baby daughter, Sonia. John is 23 kg heavier than Amelia, who is... (answered by greenestamps)

The total age for Amelia, Bernard, and Cindy is 10w years. Amelia is 2w years old.... (answered by stanbon,algebrahouse.com)