Question 415096: Mr. Jones invests a total of $23,000 in two accounts paying 7% and 3% annual interest. How much was invested in each account if, after one year, the total interest was $1,410.00?
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! 7.00% per annum------------- x
3.00% per annum ------------ y
total investment 23000
Interest----- $1,410.00
x+y=23000------------------------1
7.00%x +3.00%y =$1,410.00-------------2
Multiply by 100
7x+3y=$141,000.00 --------2
Multiply (1) by -7
we get
-7x-7y= -161000
Add this to (2)
-4y=-$20,000.00
divide by -4
y=$5,000.00 investment at 3.00%
Balance $18,000.00 investment at 7.00%
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