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Let x be the amount, in dollars, at the money market account, paying 2%.
Then the amount at the saving account is (x-3000) dollars.
The equation, from the condition, is
0.02x - 0.005*(x-3000) = 180 dollars (interest minus interest equals to the given difference)
From the equation, express x and calculate
x = = 11000.
ANSWER. $11000 at the 2% account and (11000-3000) = 8000 dollars at the 0.5% account.
CHECK. 0.02*11000 - 0.005*8000 = 180 dollars. ! Correct !
Solved.
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It is a standard and typical problem on investments.
If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson
- Using systems of equations to solve problems on investment
in this site.
You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).
Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.
The referred lesson is the part of this online textbook under the topic "Systems of two linear equations in two unknowns".
Save the link to this online textbook together with its description
Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson
to your archive and use it when it is needed.