investment word problem

Question

In investing $6,950 of a couple's money, a financial planner put some of it into a savings account paying 4% annual simple interest. The rest was invested in a riskier mini-mall development plan paying 13% annual simple interest. The combined interest earned for the first year was $638. How much money was invested at each rate?

 

Answer 1

X+y = 6950

0.04x + 0.13y = 638

0.04x + 0.13(6950 - x) = 638

0.04x + 903.50 - 0.13x = 638

-0.09x = -265.5

9x = 26550

x = 295

y = 4000