SOLUTION: Erik invests $6700 in two different accounts. The first account paid 2 %, the second account paid 8 % in interest. At the end of the first year he had earned $470 in interest. How

Question 1136898: Erik invests $6700 in two different accounts. The first account paid 2 %, the second account paid 8 % in interest. At the end of the first year he had earned $470 in interest. How much was in each account?

Answer by ikleyn(52814) (Show Source): You can put this solution on YOUR website!
.

Let x = amount at 8%.  Then the rest,  (6700-x) is amount at 2%.


    0.08*x + 0.02*(6700-x) = 470


    x =  = 5600 dollars.   


ANSWER.  $5600 at 8% and the rest, $1100 at 2%.


CHECK.    5600*0.08 + 1100*0.02 = 470 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.

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