A woman has a total of $14,000 to invest. She invests part of the money in an account that pays 9% per year and the rest in an a

Question

3 years ago

12

ccount that pays 12% per year. If the interest earned in the first year is $1350, how much did she invest in each account?

1 answer:

MrMuchimi · Answer 1 · 2023-01-08T11:22:20+03:00

The amount invested in both the 9% and 12% account are :

Let :

Amount invested in 9% account = p

Amount invested in 12% account = 14000 - p

Total interest earned = 1350

Recall :

(p × 9% × 1) + ((1400 - p) × 12% × 1) = 1350

0.09p + 1680 - 0.12p = 1350

-0.03p = 1350 - 1680

-0.03p = - 330

p = 330 / 0.03

p = 11000

Hence,

Amount invested in 9% account = 11,000

Amount invested in 12% account = 14000 - 11000 = 3000