Answer:
Milan invested:
- $4,000 into the account earning 9% interest.
- $6,000 into the account earning 7% interest.
Explanation:
Given information:
- Total amount invested = $10,000.
- Account A = 9% simple interest per year.
- Account B = 7% simple interest per year.
- Total interest earned after one year = $780.
Let x be the amount invested in Account A.
Therefore, the amount invested in Account B is (10000 - x).
Simple Interest Formula
I = Prt
where:
- I = Interest earned.
- P = Principal invested.
- r = Interest rate (in decimal form).
- t = Time (in years).
Create two equations using the given information:
As the total interest earned was $780, set the sum of the two found equations to 780 and solve for x:
Therefore, Milan invested:
- $4,000 into the account earning 9% interest.
- $6,000 into the account earning 7% interest.