Question

A 7000.00 principal is invested in 2 accounts, 1 earning 3%interest the other 7% interest with the total interest for the year 262.00how much is invested in each accpunt

Answer 1

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 $y=1,300$