Answer: in the 1% account we have $2600 and in the 6% account we have $2400.
Step-by-step explanation:
We have two amounts A and B such that:
Where A is the amount invested in the 1% earning interest account and B is the amount invested in the 6% earning interest account.
A + B = $5000,
If the interest is yearly, then we have that, after one year, the interest is:
A*(1%/100%) + B*(6%/100%) = $170
A*0.01 + B*0.06 = $170
So we have two equations:
A + B = $5000
A*0.01 + B*0.06 = $170
In the first equation we can isolate A and get:
A = $5000 - B
and replace it in the other equation:
($5000 - B)*0.01 + B*0.06 = $170
$50 + B*0.05 = $170
B*0.05 = $120
B = $120/0.05 = $2400
Then A = $5000 - $2400 = $2600.
