SOLUTION: Tyler has two savings accounts that his grandparents opened for him. The two accounts pay 10% and 12% in annual interest; there is $400 more in the account that pays 12% than there

Algebra ->  Finance -> SOLUTION: Tyler has two savings accounts that his grandparents opened for him. The two accounts pay 10% and 12% in annual interest; there is $400 more in the account that pays 12% than there      Log On


   

Question 966065: Tyler has two savings accounts that his grandparents opened for him. The two accounts pay 10% and 12% in annual interest; there is $400 more in the account that pays 12% than there is in the other account. If the total interest for a year is $136, how much money does he have in each account?
Account paying 10% ___
Account paying 12% ___
I cannot get this!!! It's driving me crazy!
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
x = amount put into the 10% account
y = amount put into the 12% account

" there is $400 more in the account that pays 12% than there is in the other account" so y+=+x%2B400

"The two accounts pay 10% and 12% in annual interest" and "the total interest for a year is $136" so we know 0.10x%2B0.12y+=+136

Multiply everything by 100 to get 10x%2B12y+=+13600

and then plug in y+=+x%2B400 and solve for x

10x%2B12y+=+13600

10x%2B12%28x%2B400%29+=+13600 replace y with x+400

10x%2B12x%2B4800+=+13600

22x%2B4800+=+13600

22x%2B4800-4800+=+13600-4800 Subtract 4800 from both sides.

22x%2B0+=+8800

22x+=+8800

22x%2F22+=+8800%2F22 Divide both sides by 22.

x+=+400

Now use this to find y. Plug it into y=x%2B400

y=x%2B400

y=400%2B400 replace x with 400

y=800

So $400 was put into the 10% account while $800 was put into the 12% account.

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