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RideAnS [48]
3 years ago
8

A 7000.00 principal is invested in 2 accounts, 1 earning 3%interest the other 7% interest with the total interest for the year 2

62.00how much is invested in each accpunt
Mathematics
1 answer:
MakcuM [25]3 years ago
7 0

Answer:

The amount in the first account is $5,700

The amount in the second account is $1,300

Step-by-step explanation:

Let the mount invested in the first account be x and the one invested in the second account be y.

Then the total principal is x+y=7000---->(1)

The interest in the first account is .03*x

The interest in the first account is .07*y

The total interest for the year  is 262.00.

This implies that:

0.03x+0.07y=262---->(2)

We solve the two equations simultaneously to get:

x=5,700 and y=1,300

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