There are two unknown values to solve for: the amount in the first account, x, and the amount in the second account, y. Because of this, we expect to have two equations to have enough information to solve for x and y. Well, we know that 9300 = x + y (that's what Ann has now) and that the interest that will be gained this year through both accounts is $697. We know that the interest gained in an interval of time is the amount at the end of the interval minus the amount at the beginning. Since we have the interest and the starting amount, we can find the amount after the year is up by doing $9300 + $697 = $9997. We also know that after a year elapses, the total amount of money in each account due to interest will be x(1+0.04) + y(1+0.09). We know then that 9997 = ???. Can you take it from here?
Robert W.
asked 10/16/22Ann's $9,300 savings is in two accounts. One account earns 4% annual interest and the other earns 9%. Her total interest for the year is $697. How much does she have in each account?
Ann's $9,300 savings is in two accounts. One account earns 4% annual interest and the other earns 9%. Her total interest for the year is $697. How much does she have in each account?
Follow
1
Add comment
More
Report
1 Expert Answer
Still looking for help? Get the right answer, fast.
Ask a question for free
Get a free answer to a quick problem.
Most questions answered within 4 hours.
OR
Find an Online Tutor Now
Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.