Question

Tyler has two savings accounts that his grandparents opened for him. one of the accounts pay 6 % 6% annual interest, whereas the other pays 8 % 8% annual interest. if you have $ 300 $300 more invested at 8 % 8% than you invested at 6 % 6%, how much do you have invested in each account if the total amount of interest you earn in a year is $ 94 $94?

Answer 1

Let x = amount invested in 6% account

300 + x = amount invested in 8% account

6%x + 8%(300 + x) = 94

0.06x +0.08(300 + x) = 94

0.06x + 24 + 0.08x = 94

0.14x + 24 = 94

0.14x = 94 – 24

0.14x = 70

x = 70/0.14

x = 500

Amount invested in 6% account = $500

Amount invested in 8% account = $300 + x = $300 + $500 = $800