Caleb G.

asked • 4d

Help Solving for compound interest using a system of equations with 2 variables

Today, a couple invested $92,000 separately They figure that in 10 years, they will have a combined total interest of $168,132.75 . Person X has an interest rate of 10% and person Y has and interest rate of 12% compounded annually. How much did each person invest?

2 Answers By Expert Tutors

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Sam Z. answered • 4d

Math/Science Tutor

Caleb G.

thank you for your answer however, I need to know how i can apply the compound interest formula to my equation. i know that X + Y = 92,000 but im lost how to form the second equation so i can solve for my variables.
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3d

Sam Z.

tutor
Here's another formula: p1(1.1)^10+p2(1.12)^10-92 i got: p1=50; p2=42
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3d

Michael H. answered • 4d

High School Math, Physics, Computer Science & SAT/GRE/AP/PRAXIS Prep

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