Question 1159121: Mr. Wilson invested money in two accounts. His total investment was $40,000. If one account pays 8% in interest and the other pays 6% in interest, how much does he have in each account if he earned a total of $2,920 in interest in 1 year?
Answer by Amily_2190(27)   (Show Source):
You can put this solution on YOUR website! Let
x= amount invested for 8% interest
y= amount invested for 6% interest
x+y=40,000
^This means that
x=40,000-y
y=40,000-x
(.08)(x)+(.06)(y)=2,920.... (total of $2,920 in interest in 1 yr)
Now you can substitute x in terms of y, vice versa.
(.08)(40,000-y)+(.06)(y)=2,920.....(distribute)
3,200-.08y+.06y=2920
-.02y=-280
y=14,000
x=40,000-y
x=40,000-14,000
x=26,000
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