You split $1500 between two savings accounts. Account A pays annual 5% interest and Account B pays 4% annual interest. After one year, you have earned a total of $69.50 in interest. How much money did you invest in each account?

Question

Mathematics

Kennedi Guerra

19 October, 12:46

You split $1500 between two savings accounts. Account A pays annual 5% interest and Account B pays 4% annual interest. After one year, you have earned a total of $69.50 in interest. How much money did you invest in each account?

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Answers (1)

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Leilani Haney · Answer 1

You have 1 500 dollars and divided it into 2

=> Account A = X

=> pays annual 5% interests

=> Account B = Y

=> pays 4 % annual interests

After 1 year you earned 69.50 dollars in interest.

How much money did you invest?

Let’s start solving

=> 5% (1500 - account B) + 4%B = 69.50

=> 75 - 0.05B + 0.4B = 69.5

=> 5.5 = 0.1B

=> B = 550

Now, let’s solve for A

=> 1500 - 550

=> 950