SOLUTION: Jody invested $4700 less in an account paying 4% simple interest than she did in an account paying 3% simple interest. At the end of the first year, the total interest from both ac
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Question 949868: Jody invested $4700 less in an account paying 4% simple interest than she did in an account paying 3% simple interest. At the end of the first year, the total interest from both accounts was $659. Find the amount listed in each account.
The amount Jody invested in the 4% account is:
The amount Jody invested in the 3% account is: Answer by macston(5194) (Show Source):
You can put this solution on YOUR website! x=amount in 4% account; y=amount in 3% account
x=y-$4700
0.04x+0.03y=$659 Substitute for x.
0.04(y-$4700)+0.03y=$659
0.04y-$188+0.03y=$659 Add $188 to each side.
0.07y=$847
y=$12100 ANSWER 1: $12100 was in the 3% account
x=y-$4700=$12100-$4700=$7400 ANSWER 2:$7400 was in the 4% account
CHECK:
0.04($7400)+0.03($12100)=$659
$296+$363=$659
$659=$659
