Question

Collin invests 7700 in two different accounts the first paid 2% the second paid 9% in interest at the end of the first year he had earned $315 in interest how much was in each account

Answer 1

Collin invested $5529 in the account paying 2% and $2171 in the account paying 9% interest.

Explanation:

Let x be amount invested at 2%

 

So, 7700 - x will be the amount invested at 9%

 

0.02(x) + 0.09(7800 - x) = 315

0.02x + 702 - 0.09x = 315

-0.07x = -387

x = $5529

7700 - x = 7700 - 5529

             = $2171

 

Collin invested $5529 in the account paying 2% and $2171 in the account paying 9% interest.