MATH PROBLEM TO BE SOLVED!

Question

Travis has a total of $7,000 invested in two accounts. The total amount of interest he earns from the accounts in the first year is $590. If one account pays 5% per year and the other pays 11% per year, how much did he invest in each account?

Answer 1

Let x and y be the amounts in each of the 2 accounts

 

x + y = 7000

.05x + .11y =590 => 5x + 11y = 59000

 

Multiply the 1st  equation by 5

5x + 5y = 35000

 

Subtract this from the modified 2nd equation

6y = 24000

y = 4000

x = 3000

 

You should now go back and make sure that this solution works in the interest equation.