SOLUTION: Ingrid invested $24,000 in two separate accounts, a mutual fund and a CD that pay 8% and 9% annual interest, respectively. If her annual interest was $2,020 how much did she invest

Question 908190: Ingrid invested $24,000 in two separate accounts, a mutual fund and a CD that pay 8% and 9% annual interest, respectively. If her annual interest was $2,020 how much did she invest in each account?
Answer by AlgebraLady88(44) (Show Source): You can put this solution on YOUR website!
Here, we see that Ingrid has two separate CD accounts, one paying 8 % and the other paying 9%. Her annual interest is $2 020. She's got two accounts totaling
$ 24 000 .
This is a money problem with a systems of equations solution :
0.08 x+ 0.09y = 2 020 (a)
x+y= 24 000 (b)
Multiply (a) by 100 to get rid of the decimals.
8x+9y = 202 000 (c)
Multiply (b) by -8
-8x-8y = - 192 000 (d)
Now, we can add (c) and (d) to get
y= 10 000
Plug y= 10 000 into x+y = 24 000
x+ 10 000 = 24 000
x = 14 000
To check:
0.08 x + 0.09 y=
0.08 (14 000) + 0.09 ( 10 000)=
1120 + 900 = 2020
So, Ingrid invested $14 000 in the 8% annual CD and $ 10 000 in the 9% annual CD account to generate $ 2020 annual interest.

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