how much is invested in each savings account

Question

Lydia has money in two savings accounts. One rate is 7% and the other is 13%. If she has $300 more in the 13% account and the total interest is $252

Answer 1

If we assume simple interest (compounded annually), we let x=amount invested at 7% and then x+300=amount invested at 13%.  We can set up the equation:

 

.07(x) + .13(x+300) = 252 and solve for x

 

.2(x) + 39 = 252

 

x = 1065