Question

Murray’s father deposited $6,000 of his savings into two accounts. One account earns 1.5 percent interest, and the other account earns 2.5 percent interest. At the end the year, the interest in the account that earned 2.5 percent was $110.00 more than the other account. Which system represents the amounts of money, x and y, that was put into each account?

Answer 1

Let x represents the amount money deposited in one account and y represents the amount of money deposited in other account.
Given : Murray’s father deposited $6,000 of his savings into two accounts.
i.e. x+y=6,000 (1)
One account earns 1.5 percent interest, and the other account earns 2.5 percent interest.
We know that Interest = Deposited amount x Interest x Time
Interest earned by account 1 = 0.015x
Interest earned by account 2 =0.025y
At the end the year, the interest in the account that earned 2.5 percent was $110.00 more than the other account.
i.e.Interest earned by account 2 - Interest earned by account 1 = $110.00
i.e. 0.025x-0.015y=110 (2)
From (1) and (2) , the system represents the amounts of money, x and y, that was put into each account :-