Question

Justin invests $9700 in two different accounts. The first account paid 3%, the second account paid 2% in interest. At the end of the first year, he had earned $232 in interest. How much was in each account?

A) $5000 in the first account and $4700 in the second account
B) $6000 in the first account and $3700 in the second account
C) $6500 in the first account and $3200 in the second account

Answer 1

Justin had $5000 in the first account and $4700 in the second account.

Step-by-step explanation:

Let's assume that the amount of money Justin invested in the first account is x, and the amount he invested in the second account is y.

According to the problem, the interest earned from the first account with a 3% interest rate is 0.03x, and the interest earned from the second account with a 2% interest rate is 0.02y.

Therefore, we can set up the following two equations:

0.03x + 0.02y = 232 (equation 1)

x + y = 9700 (equation 2)

Solving these equations simultaneously, we can find the values of x and y. After calculating, we get x = 5000 and y = 4700.

So, the amount in the first account is $5000, and the amount in the second account is $4700.