A total of $10,000 is invested in two accounts. One account earns 6% per year. And the other earns 4% per year. If the total interest in the first year is $560. How much is invested in each account?
X + Y = 10,000 Equation 1.
6% = 0.06 4% = 0.04
Interest 0.06 X + 0.04 Y = 560 Equation 2.
Solve these two equations for X and Y.
Multiply equation 1 by 0.04 and subtract from equation 2.
0.04 X + 0.04 Y = 400
Subtracting, 0.02 X = 160
X = 160/0.02 = $8,000
Y = 10000 - 8000 = $2000
