SOLUTION: Oliver invested $19,000 in two accounts. One earned 4% simple interest and the other 5.5% simple interest. If the interest earned in one year in the 4% account was $228 more than i
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Question 905243: Oliver invested $19,000 in two accounts. One earned 4% simple interest and the other 5.5% simple interest. If the interest earned in one year in the 4% account was $228 more than in the interest in the 5.5% account, how much was invested at each rate?
Please solve by writing a system of two equations with two variables. Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! We know the total amount of money invested. $19000
x+y=19000,
We know that the difference in the two accounts is $228
0.055*x-0.04*y=228
x=19000-y
We substitute for x
0.055*(19000-y)-0.04*y=228
We multiply out
1045.0-0.055y-0.04*y=228
We combine like terms.
817.0=0.095*y
Isolate y
817.0
0.095
y=8600 at 4%
Calculate x
x=19000-8600
x=10400 at 5.5%
We check
0.055*10400-0.04*8600=228
572.0-344=228
228.0=228
Since this statement is TRUE and neither amount is negative then it is ok
