How much did mr. Coulson invest in each account?

Question

Mr. Coupon has $5000 to invest. He splits the money into an ira and 403b, which have a return of 3% and 6% respectively. If he earns $240 total after one year, how much did mr. Coupon invest into each account?

Answer 1

Yep, it's simultaneous equations again!

 

x(1.03) + y(1.060 = 5000 + 240

 

x + y = 5000, so, y = 5000 - x

 

Use substitution to solve.  You can do it!