SOLUTION: A savings account pays 4% per year, a certificate of deposit pays 5.5% per year. How much is in each account if a total investment of $8250 earns $414 in interest for 1 year?

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Question 837761: A savings account pays 4% per year, a certificate of deposit pays 5.5% per year. How much is in each account if a total investment of $8250 earns $414 in interest for 1 year?
Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website!
A savings account pays 4% per year, a certificate of deposit pays 5.5% per year.
How much is in each account if a total investment of $8250 earns $414 in interest for 1 year?
:
let x = amt invested at 5.5%
then
(8250-x) amt invested at 4%
:
.04(8250-x) + .055x = 414
330 - .04x + .055x = 414
-.04x + .055x = 414 - 330
.015x = 84
x = 84/.015
x = $5600 invested at 5.5%
I'll let you find amt at 4%, check the solutions by finding the actual interest earned by each