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Question 1101999: Michelle earned a total of $549 in simple interest from two separate accounts. In an account earning 9% interest, Michelle invested $2,300 more than twice the amount she invested in an account earning 1%. How much did she invest in each account?
Answer by ikleyn(52914) (Show Source):
You can put this solution on YOUR website! .
From the condition, you have these two equations
x = 2300 + 2y, (1) ("In an account earning 9% interest, Michelle invested $2,300 more than twice the amount
she invested in an account earning 1%.")
0.09x + 0.01y = 549 (2) ("earned a total of $549 in simple interest from two separate accounts")
Modify the equations (the system) to the standard form. On the way, multiply by 100 both sides in eq(2). You will get
x - 2y = 2300, (3)
9x + y = 54900. (4)
Multiply eq(4) by 2 (both sides), by keeping eq(3) without change. You will get
x - 2y = 2300, (5)
18x + 2y = 109800. (6)
Now add eq(5) and eq(6). The terms "-2y" and "2y" will cancel each other, and you will get a single equation for x:
19x = 2300 + 109800 = 112100 ====> x = = 5900.
Thus 5900 dollars were invested at 9%.
Then from eq(1), 2y = 5900 - 2300 = 3600. Hence, y = = 1800.
Answer. $5900 invested at 9% and $1800 invested at 1%.
Check. 0.09*5900 + 0.01*1800 = 549. ! the solution is correct !
For similar problems on investments see the lesson
- Using systems of equations to solve problems on investment
in this site.
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