Answer:
3% interest account = $2,700
7% interest account = $1,500
Step-by-step explanation:
We have to use equation to find the answer. Again, we are using simple interest to find how much is in each account.
We know, Interest = Capital x Interest rate x year
Let,
3% interest account = X
7% interest account = Y
According to the question,
X*0.03*1 + Y*0.07*1 = 186 ................. (i)
Again, X + Y = 4200 .................. (ii)
From equation (Ii), we get,
or X = 4,200 - Y ...................... (iii)
Putting the value of X in equation (i), we can get,
(4,200 - Y)*0.03*1 + Y*0.07*1 = 186
or, 126 - 0.03Y + 0.07Y = 186
or, 0.04Y = 186-126
or, 0.04Y = 60
or, Y = 1,500
Putting Y = 1,500 in equation (iii), we get
X = 4,200 - 1,500
X = 2,700
Therefore, 3% account had $2,700 balance
7% account had $1,500 balance.
