Question

A total investment of $10,400 is made into two savings account. One account yields 7% simple interest and the other 8% simple interest. He earns a total of $809.00 interest for the year. How much was invested in the 7% account?

Answer 1

Given,

$10,400 is invested in two savings account

One yields 7% simple interest

Let the amount invested in 7% savings account be 'x',

P : Principle Amount = x ; R : rate = 7% ; T :Time = 1 year

Another yields 8% simple interest

P : Principle Amount = x ; R : rate = 8% ; T :Time = 1 year

Total interest amount = $ 809.00

So, the equation is,

( Total Investment )

Multiplying with 0.07

Subtarcting with

Substitute y=8100 in

Therefore,

Invested in 7% savings account = $ 2300

Invested in 8% savings account = $ 8100