Find an expression in terms of x for the annual amount invested at 8%

Question

you invested $7000 in two accounts paying 6% and 8% annual interest, respectively. If the total interest earned for the year was $528, how much was invested at each rate?

Answer 1

Hello Avery.

 

Let X be the amount you invest at 6%

and Y be the amount you invest at 8%.

You can set up 2 equations:

 

X + Y = 7000

0.06X + 0.08Y = 528

 

Solve for X and Y.

 

Multiply top equation by 0.08 and subtract the bottom equation to get:

 

0.02X = 7000*0.08 - 528 = 32.

 

X = $1600 and Y = $5400.