The amount in the passbook account is $11,000 and the money in the money market account is $8000
Let:
a represent the unknown amount in the passbook account
b represent the unknown amount in the money market account
From the question, the following information can be gathered:
- The money in the passbook account exceeds the amount in the money market account.
This information can be represented with this equation : a - b = 3000
- The interest paid on the passbook account exceeds the interest paid on the money market account.
This information can be represented with this equation : 0.08a - 0.10b = 80
The two equations gotten above would be solved using simultaneous equation and the elimination method
a - b = 3000 equation 1
0.08a - 0.10b = 80 equation 2
Multiply equation 1 by 0.08
0.08 - 0.08b = 240 equation 3
Subtract equation 2 from 3
0.02b = 160
Divide both sides of the equation by 0.02
b = 8000
Substitute for b in equation 1
a - 8000 = 3000
Add 8000 to both sides
a = 11,000
To learn more about simultaneous equations, please check: brainly.com/question/23589883?referrer=searchResults
