Bank account

Question

Jan invests $9885 in two accounts.  One earns 6% interest.  The other earns 9.5%.   She made $695.35 in one year from both.  How much did she invest in each?

Answer 1

695.35=6%x+9.5%(9885-x)

695.35=0.06x+0.095(9885-x)

695.35=0.06x+939.075-0.095x

695.35=939.075-0.035x

695.35-939.075=-0.035x

-243.725=-0.035x

243.725=0.035x

243,725=35x

x=243,725/35

x=$6963.57 at 6%

$9885-$6963.57=$2921.43 at 9.5%

Answer 2

Let x = 6% amount

Therefore, 9,885 - x = 9.5% amount

 

 Thus,

 

.06x + .095(9885 - x) = 695.35

 

.06x + 939.075 - .095x = 695.35

 

- .035x = -243.725

 

x = $6,963.57

 

9885 - x = $2,921.43

 

Hope this helps!