Question 1182196: Estefania invests a total of P24,000 in two accounts paying 7% and 6% annual interest, respectively. How much was invested in each account if, after one year, the total interest was P1,630.00.
P was invested at 7% and
P was invested at 6%.
Answer by ikleyn(52776)   (Show Source):
You can put this solution on YOUR website! .
Estefania invests a total of P24,000 in two accounts paying 7% and 6% annual interest, respectively.
How much was invested in each account if, after one year, the total interest was P1,630.00.
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Let x be the amount invested at 7%.
Then the amount invested at 6% is the rest (24000-x) monetary units.
Next, you write the total interest equation
0.07x + 0.06*(24000-x) = 1630.
From the equation
x =  = 19000.
ANSWER. 19000 was invested at 7% and the rest, (24000-19000) = 5000 was invested at 6%.
CHECK. 19000*0.07 + 5000*0.06 = 1630, total interest. ! 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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