SOLUTION: Hello, I am trying to solve a few word problems...this one has to do with interest and I'm afraid I'm having trouble getting the right answer. The key word is annually interest ri

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Question 134129: Hello,
I am trying to solve a few word problems...this one has to do with interest and I'm afraid I'm having trouble getting the right answer. The key word is annually interest right? so that would be per year? Any help would be greatly appreciated. My numbers arent coming out right because when I check it, it doesnt add up.
If you invest a certain amount of money in a CD that pays 6% annual interest and $550 more than that in an account that pays 7.2% annually, how much money do you have in each account if the total interest for a year is $594? Be sure to include all the work and identify the rate of each investment.
Thank you,
Mrs. Gibson
Answer by MathLover1(20849) About Me  (Show Source):
You can put this solution on YOUR website!
Let the amount of money you invest in a CD that pays 6% be x, in other account (x+$550)
$594=+6%25%2Ax+%2B7.2%25%2A%28x%2B%24550%29….solve for x
$594=+6%2F100%2Ax+%2B7.2%2F100%2A%28x%2B%24550%29….
$594=+0.06%2Ax+%2B0.072%2A%28x%2B%24550%29….
$594=+0.06%2Ax+%2B0.072x%2B%2439.6….
$594-%2439.6=+0.132x
$554.4=+0.132x
x=%244200………………… the amount of money you invest in a CD
x%2B%24550=%244200%2B%24550=%244750……….. the amount of money you invest in other account

6% annually of $4200 is $252
7.2% annually of $4750 is$342