Answer:
The amount she put in the account that paid 6% interest = x = $960
The amount she put in the account that paid 8% interest = y = $1600
Step-by-step explanation:
Carol invested $2,560 into two accounts. One account paid 6% interest and the other paid 8% interest. She earned 7.25% interest on the total investment in one year.
I=Prt, to model simple interest applications, where I is equal to the interest, P is equal to the product of the principal, r is equal to the rate, and t is equal to the time.
Step 1
We have to calculate the total interest earn on the initial capital
P = $2,560
R = 7.25% = 0.0725
T = 1
I = $2,560 × 0.0725 × 1
I = $185.60
Let the amount Invested in the account that paid 6% interest = x
Let the amount Invested in the account that paid 8% interest = y
Hence:
$185.60 = x × 6% + y × 8%
$185.60 = 0.06x + 0.08y......Equation 1
$2560 = x + y........ Equation.2
x = $2560 - y
$185.60 = 0.06x + 0.08y......Equation 1
185.60 = 0.06(2560 - y) + 0.08y
185.60 = 153.6 - 0.06y + 0.08y
185.60 - 153.60 = 0.02y
y = 32/0.02
y = $1600
x = $2560 - y
x = $2560 - $1600
x = $960
The amount she put in the account that paid 6% interest = x = $960
The amount she put in the account that paid 8% interest = y = $1600
