Question 999303: Kristina invests a total of $20,000 in two accounts paying 2% and 14% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $1,540.00.
Answer by addingup(3677)   (Show Source):
You can put this solution on YOUR website! Let's call the account at 0.02(2%) x and the account at 0.14 y:
x+y= 20,000. Subtract y from both sides:
x= 20,000-y In the equation below, we will apply this value for x.
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0.02x+0.14y= 1,540 Substitute for x as we said above:
0.02(20,000-y)+0.14y= 1,540 Multiply on left:
400-0.02y+0.14y= 1,540 Subtract 400 from both sides and add y on left
0.12y= 1,140 Divide both sides by 0.12:
y= 9,500 This is the amount invested at 14%. And:
x= 20,000-y= 20,000-9,500= 10,500
Proof:
9,500*0.14= 1,330
10,500*0.02= 210
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Total.......1,540 We have the correct answer.
J
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