Last year, Taz invested a total of $7500 in two accounts earning simple interest. Some of it he invested at 9.5% and the rest he invested at 6.5%. How much did

Question

Last year, Taz invested a total of $7500 in two accounts earning simple interest. Some of it he invested at 9.5% and the rest he invested at 6.5%. How much did he invest in each account if he earned a total of $577.50 in interest last year?

Answer 1

Let x = the amount invested at 9.5%

Let y = the amount invested at 6.5%

x + y = 7500

y = 7500 - x

.095x + .065y = 577.50

.095x +.065(7500 - x) = 577.50

.095x + 487.5 - .065x = 577.50

.03x = 90

x = $3000

y = 7500 - 3000

y = $4500