SOLUTION: A man invests $5000 in two different accounts. The first account has a 5% annual interest rate and the second account has a 3% annual interest rate. If he receives $212.50 in inte

Algebra ->  Finance -> SOLUTION: A man invests $5000 in two different accounts. The first account has a 5% annual interest rate and the second account has a 3% annual interest rate. If he receives $212.50 in inte      Log On


   

Question 384060: A man invests $5000 in two different accounts. The first account has a 5% annual interest rate
and the second account has a 3% annual interest rate. If he receives $212.50 in interest at the
end of the year, how much money did he put into each account?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
A man invests $5000 in two different accounts. The first account has a 5% annual interest rate
and the second account has a 3% annual interest rate. If he receives $212.50 in interest at the
end of the year, how much money did he put into each account?
..
5% -------------- $x
3%--------------- $y
..
x+y = 5000...................1
..
5x+3y=21250.................2
..
multiply (1) by -5
-5x-5y=-25000
add it to (2)
5x-5x+3y-5y=-25000+21250
-2y= -3750
/-2
y= $1,875 @ 3%
balance $3125 @ 5%
..
CHECK
(1875*3+3125*5)/100 = 212.50
...
m.ananth@hotmail.ca