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madam [21]
3 years ago
12

Avery and Caden have saved $27,000 towards a down payment on a house. They want to keep some of the money in a bank account that

pays 2.4% annual interest and the rest in a stock fund that pays 7.2% annual interest. How much should they put into each account so that they earn 6% interest per year
Mathematics
1 answer:
AfilCa [17]3 years ago
7 0

Answer:

They should put $6750 in the bank account and $20,250 in the stock fund.

Step-by-step explanation:

Consider the provided information that Avery and Caden have saved $27000.

Let <em>x</em> is the money deposit in the bank and <em>y</em> is the money deposit in stock fund.

Therefore,

<em>x</em> + <em>y</em> = 27000

<em>x</em>  = 27000 - <em>y</em>

The bank account will pay 2.4% annual interest.

\frac{2.4}{100}x+x=1.024x

Stock fund pays 7.2% annual interest.

\frac{7.2}{100}y+y=1.072y

Therefore,

1.024 <em>x</em> + 1.072 <em>y</em> = 1.06 × 27000

Substitute the <em>x</em>  = 27000 - <em>y</em> in above equation.

1.024 (27000 − <em>y</em>) + 1.072 <em>y</em> = 1.06 × 27000

27648 − 1.024 <em>y</em> + 1.072 <em>y</em> = 28620

0.048 <em>y</em> = 28620-27648

0.048 <em>y</em> = 972

<em>y</em> = 20250

Now, substitute the <em>y</em> = 20250 in <em>x</em>  = 27000 - <em>y</em>.

<em>x</em> = 27000 − 20250

<em>x</em> = 6750

Hence, they should put $6750 in the bank account and $20,250 in the stock fund.

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