Dilbert invests a total of $21,500 in two accounts paying 14% and 9% annual interest, respectively.

Question

Dilbert invests a total of $21,500 in two accounts paying 14% and 9% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $2,710.00.

$
was invested at 14% and
$
was invested at 9%.

Answer 1

X is the amount invested at 14%

Y is the amount invested at 9%

 

X + Y = 21500

 

0.14X + 0.09Y = 2710

 

 

Solving the first equation for Y and multiplying the second equation by 100 to clear away the decimals:

 Y = 21500 - X

14X + 9Y = 271000

 

14X + 9(21500 - X) = 271000

 

14X + 193500 - 9x = 271000

 

5x + 193500 = 271000

 

5x = 77500

 

x = 15500

 

y = 21500 - 15500 = 6000

 

$15,500 invested at 14%

   6,000 invested at 9%