SOLUTION: Billy invests $11,000 in two accounts, one earning 3.5% simple interest, and the other earning 5% simple interest. After one year, Billy has earned a total of $482.50 interest. How

Question 906088: Billy invests $11,000 in two accounts, one earning 3.5% simple interest, and the other earning 5% simple interest. After one year, Billy has earned a total of $482.50 interest. How much did Billy invest in each account?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
Total amount of money invested: $11000
x+y=11000,
Total yearly interest for the two accounts is: $482.5
0.035*x+0.05*y=482.5
x=11000-y
Substitute for x
0.035*(11000-y)+0.05*y=482.5
Multiply out
385.0-0.035y+0.05*y=482.5
Combine like terms.
0.015*y=97.5
Isolate y
y=$ 6500.00 at 5%
x=11000-y
Calculate x
x=$ 4500.00 at 3.5%
Check
0.035*4500+0.05*6500=482.5
157.5+325=482.5
482.5=482.5
If this statement is TRUE and neither amount is negative then all is well

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