Question

Sam invests $6000 in two different accounts. The first account paid 12 %, the second account paid 7 % in interest. At the end of the first year he had earned $590 in interest. How much was in each account? $_____ at 12% $_____ at 7%

Answer 1

Answer:

The amount in the account at 12% interest is $3400 and the amount in the second account at 7% interest is $2600

Step-by-step explanation:

Let x be the amount in the account at 12% interest

So, 6000-x is the amount in the second account at 7% interest

$SI = \frac{P \times T \times R}{100}$

First account:$SI=\frac{x \times 1 \times 12}{100}$

Second account : $SI =\frac{(6000-x) \times 1 \times 7}{100}$

We are given that At the end of the first year he had earned $590 in interest.

So, $\frac{x \times 1 \times 12}{100}+\frac{(6000-x) \times 1 \times 7}{100}=590\\x=3400$

So,the amount in the account at 12% interest is $3400

The amount in the second account at 7% interest =6000-x=6000-3400=2600

Hence the amount in the account at 12% interest is $3400 and the amount in the second account at 7% interest is $2600