SOLUTION: Emily invested a total of $12,000 in two savings accounts. One account earns 5% simple interest and the other earns 8% simple interest. Find the amount invested in each account acc
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Question 1112513: Emily invested a total of $12,000 in two savings accounts. One account earns 5% simple interest and the other earns 8% simple interest. Find the amount invested in each account account if she receives a total of $840 interest after 1 year Answer by ikleyn(52776) (Show Source):
Let x be an amount invested at 5%, in dollars.
Then the amount invested at 8% is the rest (12000-x) dollars.
Your basic equation is THIS:
interest + interest = total interest
0.05*x + 0.08*(12000-x) = 840.
0.05x + 0.08*12000 - 0.08x = 840
-0.03x = 840 - 0.08*12000 = -120 ====> x = = 4000.
Answer. $4000 was invested at 5% and the rest 12000 - 4000 = 8000 dollars was invested at 8%.
Check. 0.05*4000 + 0.08*8000 = 840 dollars. ! Correct !
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).
