Answer:
Explanation:
To represent the unknowns, let x be the amount of money deposited into the first account paying 0.61% simple annual interest and y be the amount of money deposited into the second account paying 0.70% simple annual interest.
The first situation is that the total deposit into the first account is x and the interest earned on that account is (0.61/100)x. The second situation is that the total deposit into the second account is y and the interest earned on that account is (0.70/100)y.
The equation representing the first situation is: (0.61/100)x = (75/12000)x
The equation representing the second situation is: (0.70/100)y = (75/12000)y
The sum of the deposit in both accounts must be equal to $12,000, so we can write the third equation: x + y = 12,000
The system of equations is:
(0.61/100)x = (75/12000)x
(0.70/100)y = (75/12000)y
x + y = 12,000
You can use systems of equation methods like substitution, elimination or graphing to find the solution.
To find the solution, we can use the substitution method. We can start by isolating x or y in one of the equations, then substitute it into the other equation.
Let's start with the equation x + y = 12,000. We'll solve for x:
x = 12,000 - y
Now we can substitute this value of x into the first equation:
(0.61/100)(12,000 - y) = (75/12000)(12,000 - y)
Solving for y, we get:
y = $7,200
Now we can substitute this value of y back into the equation x + y = 12,000 to find x:
x = 12,000 - y = 12,000 - $7,200 = $4,800
So the solution is:
x = $4,800 and y = $7,200
This means you deposited $4,800 in the first account and $7,200 in the second account.