Question

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. How much money did she put in each account

Answer 1

Answer:

$960 into 6% account and $1600 into 8% account

Step-by-step explanation:

Let money put in 6% account be x

let money put in 8% account be y

How much interest did she earn?

2560 * 0.0725 = $185.6

Now, we can write:

0.06x + 0.08y = 185.6

and we know

x + y = 2560

We can say:

x = 2560 - y

and we put this into 1st equation:

0.06(2560 - y) + 0.08y = 185.6

153.6 - 0.06y + 0.08y = 185.6

0.02y = 32

y = 1600

and thus, x = 2560 - 1600 = 960

She put $960 into 6% account and $1600 into 8% account