Last year Tammy had $4,500 to invest in two savings accounts. One account earns 7% simple annual interest, and the other account earns 6% simple annual interest. At the end of the year, Tammy had earned a total of $290 in interest from the two savings accounts.

Part A Write a system of two equations that could be used to find the amount of money invested in each account. Let x represent the amount invested at 7%, and let y represent the amount invested at 6%.

Part B Solve the system of equations. How much did Tammy have invested at each rate?

Question

Mathematics

Ashleigh Erickson

4 December, 18:50

Last year Tammy had $4,500 to invest in two savings accounts. One account earns 7% simple annual interest, and the other account earns 6% simple annual interest. At the end of the year, Tammy had earned a total of $290 in interest from the two savings accounts.

Part A Write a system of two equations that could be used to find the amount of money invested in each account. Let x represent the amount invested at 7%, and let y represent the amount invested at 6%.

Part B Solve the system of equations. How much did Tammy have invested at each rate?

+2

Answers (1)

Know the Answer?

Rory Hickman · Answer 1

Let x be the amount invested at 7% and y the amount invested at 6%

We know that the yearly interest earned = 0.07 (x) and 0.06 (y)

x+y = 4500

0.07x + 0.06 y = 290

Solving the equations will give, x = $2,000 and y=$2,500