Answer:
Step-by-step explanation: Scott Invested in two banks, and each bank paid 9% and 10% yearly interest. the total amount invested was $6300 and the Interest earned in the first year is $598. We have to find the amount invested in each bank.
Mathematical Formula:
let us say that amount x was invested in the first bank and amount y was invested in the second bank, considering this we can write the following equation for the total money invested:
Similarly, the following is the equation for the total Interest earned in the first year.
Equation (1) and (2) are two linear simultaneous equations:
The graphical solution to the above system is as follows:
Therefore the amount invested in each bank is:
Scott invested $3,100 in the first bank and in the second bank, he invested $3,200.