SOLUTION: A total of $10, 126 was invested into two saving accounts. One account yields 8.5% simple interest and the other 9% simple interest. The person would like to find the amount placed

Algebra ->  Finance -> SOLUTION: A total of $10, 126 was invested into two saving accounts. One account yields 8.5% simple interest and the other 9% simple interest. The person would like to find the amount placed      Log On


   

Question 328537: A total of $10, 126 was invested into two saving accounts. One account yields 8.5% simple interest and the other 9% simple interest. The person would like to find the amount placed in each account if a total of $901.66 in interest is received after one year. Write a system of linear equations to express this problem.
I tried 901.66 = 10126 - (8.5x+9y)
But that looks really wrong to me.
Found 2 solutions by jim_thompson5910, stanbon:
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
"A total of $10, 126 was invested into two saving accounts" means that x%2By=10126 where 'x' is the amount invested at 8.5% and 'y' is the amount invested at 9%. So because the total interest from both accounts yields $901.66, this means that 0.085x%2B0.09y=901.66

Note: 0.085x is the amount of interest from the 8.5% account alone and 0.09y is the amount of interest from the 9% account alone. Add these two up to get the total 901.66

So the system is


system%28x%2By=10126%2C0.085x%2B0.09y=901.66%29

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A total of $10, 126 was invested into two saving accounts. One account yields 8.5% simple interest and the other 9% simple interest. The person would like to find the amount placed in each account if a total of $901.66 in interest is received after one year. Write a system of linear equations to express this problem.
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Quantity Equation: x + y = 10,126
Interest Equation:0.085x + 0.09y = 901.66
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Multiply thru Quantity by 85
Multiply thru Interest by 1000
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85x + 85y = 85*10126
85x + 90y = 901660
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Subtract 1st from 2nd and solve for "y":
5y = 40950
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y = $8190 (amt invested at 9%)
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Since x+y = 10126, x = $1936 (amt invested at 8.5%
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Cheers,
Stan H.
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