Question

You invested $5000 between two accounts paying 6% and 8% annual interest, respectively. If the total interest earned for the year was $320, how much was invested at each rate? Let x represent the amount invested at 6% and y represent the amount invested at 8%.

a) Setup the system of equations representing the above situation.[4 points]

b) Express the system of equations in matrix form AX=B.[2 points]

c) Using Cramer's Rule on the system of equations, determine the amount invested at 6% and the amount invested at 8%. Show all your work. You will NOT receive full credit if any other method is used to solve the system of equation.[8 points]

Answer 1