Katy invests a total of $20,000 in two accounts paying 10% and 13% annual interest, respectively. How much was invested in each account if, after one year, the total interest was $2,375.00.

Answer 1

x=amt at 10% and y=amt at 13%

x+y=20000

.1x+.13y = 2375

Multiply 2nd equation by 10 and subtract

.3y=3750

You get the answers from here!

Answer 2

So to solve this we know a total of 20,000 was invested between the two accounts, and we know the total interest that we made from each account was 2,375. So we can set the amount that she put into one account as x and the other account can be found using 20,000-x:

.1x+.13(20000-x)=2375, .1x+2600-.13x=2375, 225=.03x, x=7500, 20000-x=12500

Katy put $7,500 in the 10% account and $12,500 in the 13% account