How much did she invest?

Question

Aleksandra Tomich invested $8,916, part at 6% simple interest and part at 2% simple interest for a period of 1 year. How much did she invest at each rate if each account earned the same​ interest?

Answer 1

x+y =8916

Total amount invested in the 2 accounts

Subtracting x from both sides

y=8916-x

I=PRT simple interest equation

Let x be the 6% so (.06)x

Let t be the 2% so (.02)y

Since they earn same interest

.06x=.02y

Substitute y =8916-x into the equation to get

.06x=.02(8916-x)

Distribute

.06x=178.32-.02x

Add .02x to both sides

.08x=178.32

Divide both sides by .08

X=$2229

Y=8916-2229=$6687

To check

.06(2229)=$133.74

.02(6687)=$133.74