Word Problem 1

Question

Matt invests $6300 in two different accounts. The first account paid 8 %, the second account paid 13 % in interest. At the end of the first year he had earned $654 in interest. How much was in each account?

Answer 1

set up an equation using:

 

x= amount invested at 8%

 

6300 - x = amount invested at 13%

 

.08(x) + .13(6300 - x) = 654

 

.08x +819 - .13x = 654

 

-.05x = -165

 

x = 3300

 

Tristan invested $3300 in the account paying 8% and $3000 in the account paying 13%

Answer 2

Let the amount invested in the first account = A

Let the amount invested in the second account = B

Than A + B = $6300 ---- (1)

Interest earned from the first account is 0.08 A

Interest earned from the second account is 0.13B

Then, we have 0.08A + 0.13 B = $654 ------(2)

Now, you need to solve the system of equations by a method of your choice.