Question 549420: A total of $15,000 is invested in two accounts. One of the two accounts pays 8% per year, and the other account pays 12% per year. If the total interest paid in the first year is $1,600, how much was invested in each account?
Two answers are needed amount for 8% account and money made for 12% account.
Please help!
Answer by ankor@dixie-net.com(22740)   (Show Source):
You can put this solution on YOUR website! Let x = amt invested at 8%
Let y = amt invested at 12%
:
Write an equation for each statement:
:
A total of $15,000 is invested in two accounts.
x + y = 15000
or
x = (15000-y), we can use this form for substitution
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One of the two accounts pays 8% per year, and the other account pays 12% per year.
If the total interest paid in the first year is $1,600,
.08x + .12y = 1600
substitute (15000-y) for x, find y
.08(15000-y) + .12y = 1600
1200 - .08y + .12y = 1600
-.08y + .12y = 1600 - 1200
.04y = 400
y = 400/.04
y = $10,000 invested at 12%
then
15000 - 10000 = $5,000 invested at 8%
:
:
You can check this out
.08(5000) + .12(1000) =
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