Question

Mark deposited $9,000 into two saving accounts bearing simple interest. One of the accounts has an interest rate of 8% while the other rate is 7%. If the total interest earned after one year is $700, find the amount deposited into each of the accounts

Answer 1

0.07x+0.08 (9000-x)=700
Solve for x
0.07x+720-0.08x=700
0.07x-0.08x=700-720
-0.01x=-20
X=20÷0.01
X=2,000 invested at 7%

9000-2000=7000 invested at 8%