SOLUTION: I have to solve by using system of equations but I keep checking it and I keep getting it wrong! :( Jane invests $100,000 in two accounts, she would like to earn $4800 a year.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: I have to solve by using system of equations but I keep checking it and I keep getting it wrong! :( Jane invests $100,000 in two accounts, she would like to earn $4800 a year.       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 997419: I have to solve by using system of equations but I keep checking it and I keep getting it wrong! :(
Jane invests $100,000 in two accounts, she would like to earn $4800 a year. Jane invests part of the money in an account paying 3% simple interest and the rest in an account paying 6%. How much should Jane invest in each account to earn the $4800?
Answer by josgarithmetic(39617) About Me  (Show Source):
You can put this solution on YOUR website!
Assumed simple interest for both accounts.

Two quantities to invest, x and y.
x%2By=100000.

Rates for interest are 3% and 6%, and investment will be 1 year. Quantity of interest to earn
is $4800.

system%280.03%2Ax%2B0.06%2Ay=4800%2Cx%2By=100000%29

You did not show work or explain how your results were failing. Did you find the same system
of equations? Did you maybe make mistake in decimals?

Divide the members of the interest sum equation by 0.03 to simplify.
system%28x%2B2y=160000%2Cx%2By=100000%29
This system makes Elimination Method a good choice to begin solving it.


If done right, highlight%28y=60000%29 and you can find x easily.