Question

Juan invests a total of $33,000 in two accounts paying 13% and 7% simple interest, respectively. how much was invested in each account if, after one year, the total interest was $3,390.00.

Answer 1

Juan invested $18,000 at 13% and $15,000 at 7% to achieve a total interest of $3,390 after one year. This solution comes from solving a system of equations based on the interest rates and the total investment.

Step-by-step explanation:

Juan is dealing with an investment scenario where he allocates $33,000 across two accounts with simple interest rates of 13% and 7% respectively. To determine the amount invested in each account, we set up a system of equations based on the total interest received after one year and the total amount invested.

Let x be the amount invested at 13%, and y be the amount invested at 7%. Hence, we can write the following equations: x + y = $33,000 and 0.13x + 0.07y = $3,390. Solving this system provides the amounts invested in each account.

The direct answer, derived from solving the equations, is that Juan invested $18,000 at 13% and $15,000 at 7% to get a total interest of $3,390 after one year.