How much was invested in each account if, after one year, the total interest was $3,095.00.

Question

Ngoc invests a total of $34,000 in two accounts paying 14% and 5% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $3,095.00.

Answer 1

X + y = 34000

0.14x + 0.05y = 3095

y = 34000 - x

14x + 5y = 309500

14x + 5(34000 - x) = 309500

14x + 170000 - 5x = 309500

9x = 139500

x = 15500

y = 18500