Lydia has money in two savings accounts. One rate is 5% and the other is 15%. If she has $700 more in the 15% account and the total interest is $383, how much i

Question

Lydia has money in two savings accounts. One rate is 5% and the other is 15%. If she has $700 more in the 15% account and the total interest is $383, how much is invested in each savings account?

Answer 1

A account 5%  B account 15%

 

A+$700=B

Ax5% +Bx15%=$383

____________________

 

Ax0.05+Bx0.15=383

Ax0.05+(A+700)x0.15=383

Ax0.05+Ax0.15 +105=383

Ax0.2=278

A=$1390

 

B=1390+700

B=$2090

 

Answer 2

convert the words into equations:

.05A + .15B = 383

B = A + 700

 

substitute the second equation into the first

.05A + .15(A + 700) = 383

Simplify terms and solve for A

.05A + .15A + 105 = 383

.20A = 383 - 105

A = 278/ .2 = 1,390

So B must be 2,090

 

Proof

 

.05 * 1.390 + .15 * 2,090 = 383

Answer 3

Here is the equation: 

 

.05(x dollars) + .15(x + $700) = $383

 

Can you work it from here?

If you need help, let me know.

 

Hint: multiply each term by 100 to clear the decimal!