SOLUTION: Bob invested 10000, split into two accounts. The savings account paid 4% annually and the checking account paid 1% annually, and Bob received a total of 358. in interest from the t
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Question 1028284: Bob invested 10000, split into two accounts. The savings account paid 4% annually and the checking account paid 1% annually, and Bob received a total of 358. in interest from the two accounts. How much did Bob put into each account? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 1.00% per annum ------------- Amount invested =x
Part II 4.00% per annum ------------ Amount invested = y =
10000
Interest----- 358
Part I 1.00% per annum ---x
Part II 4.00% per annum ---y
Total investment
x + 1 y= 10000 -------------1
Interest on both investments
1.00% x + 4.00% y= 358
Multiply by 100
1 x + 4 y= 35800.00 --------2
Multiply (1) by -1
we get
-1 x -1 y= -10000.00
Add this to (2)
0 x 3 y= 25800
divide by 3
y = 8600
Part I 1.00% $ 1400
Part II 4.00% $ 8600
