Question

You invested ​$19000 in two accounts paying 7% and 9% annual​ interest, respectively. If the total interest earned for the year was $1570 how much was invested at each​ rate?

Answer 1

Explanation:

Let x be the amount invested at 7% and y be the amount invested at 9%.

From the problem statement, we know that:

x + y = 19000 (the total amount invested is $19000)

0.07x + 0.09y = 1570 (the total interest earned is $1570)

We can use these two equations to solve for x and y. Here's one way to do it:

Solve the first equation for one of the variables. For example, we can solve for x:

x + y = 19000

x = 19000 - y

Substitute this expression for x into the second equation:

0.07x + 0.09y = 1570

0.07(19000 - y) + 0.09y = 1570

Simplify and solve for y:

1330 - 0.07y + 0.09y = 1570

0.02y = 240

y = 12000

Use the value of y to solve for x:

x + y = 19000

x + 12000 = 19000

x = 7000

Therefore, $7000 was invested at 7% and $12000 was invested at 9%.