Question

Emma has money into savings accounts. One rate is 8% and the other is 12%. If she has $450 more in the 12% account and the total interest is $220, how much is invested in each savings account?

Answer 1

A account 8% B account 12%

A+$450 = B (1)

Ax8% +Bx12%= $220

Ax0.08 + Bx0.12 = 220

Now we replace (1) on B:

Ax0.08 + (A+450)x0.12 = 220

Ax0.08 + Ax0.12 + 54 = 220

Ax0.2 = 166

A= 830.

Now we replace the value of A on equation (1):

830 + 450 = B

B = 1280