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Math question that i am having problems with?
Mr. Wilson invested money in two accounts. His total investment was $17,000. If one account pays 8% in interest and the other pays 12% in interest, how much does he have in each account if he earned a total of $1,600 in interest in 1 year?
1 Answer
- 8 years agoFavorite Answer
This is a system of equations problem, along with interest rates.
The general formula for interest earned over a period of time is:
interest = principle * rate * time
"One account pays 8%"
0.08x
rate = 8%
principle = x
time = 1
"The other pays 12%"
0.12y
rate = 12%
principle = y
time = 1
"Total interest of $1600 in 1 year"
0.08x + 0.12y = 1600
interest = 1600
Now, the second half.
"His total investment was $17000"
x + y = 17000
Because, we know that the sum of both accounts was 17000, but we don't know how this total was distributed between account X and account Y.
We now have:
0.08x + 0.12y = 1600
x + y = 17000
Using your favorite system of equation solver method (mine is just graphing them), we get:
x = 11000
y = 6000