Answer:
In the 2% account, Sally has $2200 and in the 6% account, Sally has $6600.
Step-by-step explanation:
Suppose the amount invested at 2% is $X and the amount invested at 6% is $Y (assuming that the college student invested all his/her income on the two schemes). Therefore:
X + Y = 8800 (The sum of investments is basically the total income).
0.02X + 0.06Y = 440 (The sum of the interest received from the invested amounts is actually the total return).
Now solving these 2 simultaneous equations:
x + y = 8800 (Equation 1)
2x + 6y = 44000 (Equation 2)
From (Equation 1):
x = 8800 - y (Equation 3)
Put (Equation 3) in (Equation 2):
2(8800 - y) + 6y = 44000.
17600 - 2y + 6y = 44000.
4y = 26400
y = 6600.
To find x, substitute y = 6600 in equation 3. This gives:
x = 8800 - y.
x = 8800 - 6600.
x = 2200.
So in the 2% account, Sally has $2200 and in the 6% account, Sally has $6600!!!
