Question

You invested $10,000 into two accounts: one that has a simple 3% interest, the other with 2.5% interest. If your total interest payment after one year was $283.50, how much was in each account after the year passed?

Answer 1

Answer:

3300 was on 3% and 6700 on 2,5%

Step-by-step explanation:

We can say that 'a' represents the price that will go on 3% interest and 'b' 2,5% interest.

Therefore;

a + b = 10 000

And

0,03a + 0,025b = 283.5 (0,03 means 3% etc)

You can move 'b' to the other side to leave 'a' on the LHS

0,03a = 283.5 - 0,025b - - > (divide both sides by 0,03)

a=9450 - 0,8333b

Substitute this equation as 'a' in the first equation to get:

9450 - 0,8333b + b = 10 000 (move 9450 to the RHS to leave values with b on the LHS)

-0,8333b + b = 10 000 - 9450

0,1666b = 550 (divide both sides by 0,1666)

b = 3,300

Therefore 'a' will be :

a= 10 000 - 3 300

a = 6700

I hope this helps.