SOLUTION: Mr. Wilson invested money in two accounts. His total investment was $20,000. If one account pays 2% in interest and the other pays 4% in interest, how much does he have in each acc
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Question 1031065: Mr. Wilson invested money in two accounts. His total investment was $20,000. If one account pays 2% in interest and the other pays 4% in interest, how much does he have in each account if he earned a total of $680 in interest in 1 year?
My answer does not come out right? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 2.00% per annum ------------- Amount invested =x
Part II 4.00% per annum ------------ Amount invested = y =
20000
Interest----- 680
Part I 2.00% per annum ---x
Part II 4.00% per annum ---y
Total investment
x + 1 y= 20000 -------------1
Interest on both investments
2.00% x + 4.00% y= 680
Multiply by 100
2 x + 4 y= 68000.00 --------2
Multiply (1) by -2
we get
-2 x -2 y= -40000.00
Add this to (2)
0 x 2 y= 28000
divide by 2
y = 14000
Part I 2.00% $ 6000
Part II 4.00% $ 14000
