A total investment of $10,500is made into two savings accounts.

Question

A total investment of $10,500 is made into two savings accounts. One account yields 9% simple interest and the other 11% simple interest. He earns a total of $1103.00 interest for the year. How much was invested in the 9% account?

Answer 1

.11X + .09(10,500-X) = 1103

.11X-.09X = 1103 -.09(10,500)

.02X = 1103-945 = 158

X =158/.02 = 15800/2 = 7900

10,500-X = 10,500-7,900 = $2,600 invested at 9%

$7,900 invested at 11%